Reuters reported on April 20 that Judge Analisa Torres in New York State, USA, has denied bail request of former Chinese billionaire Guo Wengui. After this decision, Mr. Guo continues to be detained pending trial.
Judge Torres' decision came after prosecutors argued that allowing Mr. Quach to be released on bail would increase the risk of the former billionaire fleeing and harm the economy .
Mr. Quach had previously offered to post $25 million bail and agreed to be placed under house arrest and wear a full-time monitoring bracelet.
Previously, on March 15, agents from the US Federal Bureau of Investigation (FBI) arrested former billionaire Guo Wengui in New York City.
According to the indictment filed by US prosecutors, Mr. Quach was arrested on 11 different charges, including orchestrating a fraud worth more than $1 billion. In addition, the former billionaire will also be prosecuted for securities fraud and money laundering.
According to the indictment, Mr. Quach and his accomplices devised a plan to defraud hundreds of thousands of followers on social media platforms. This money was used by Quach to buy many luxury items, including a villa of more than 4,600 square meters, Ferrari and Lamborghini supercars, as well as maintenance costs for a yacht worth 37 million USD.
Guo Wengui, a former Chinese real estate tycoon, fled China and has been living in exile in a luxury apartment in New York since 2014 after being accused of bribery and fraud by Chinese authorities. In New York, he has made many statements criticizing Chinese officials.
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