NEW YORK: An exiled Chinese businessman charged by US prosecutors with leading a more than US$1 billion fraud will remain in jail after a federal judge in Manhattan on Thursday (Apr 20) rejected a proposed US$25 million bail package. US District Judge Analisa Torres said prosecutors had shown it more likel
NEW YORK: An exiled Chinese businessman charged by US prosecutors with leading a more than US$1 billion fraud will remain in jail after a federal judge in Manhattan on Thursday rejected a proposed US$25 million bail package.
Torres also said Guo's"obstructive behavior" in the criminal case-including a false claim he had just US$10,000 of assets-and in civil and bankruptcy proceedings left her with no"reasonable assurance" he would comply with any bail conditions. The 52-year-old defendant, whose other names include Ho Wan Kwok and Miles Kwok, is a prominent critic of China's Communist Party.
In seeking bail, Guo's lawyer Stephen Cook said Guo would remain in the United States if released on bond"because the risk to his life is simply too great for him to leave".US prosecutors charged Guo last month with defrauding thousands of followers since 2018 by promising"outsized" investment returns, and diverting much of their money to fund lavish lifestyles for himself and his family.
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