A Chinese businessman, Guo Wengui, also known as Ho Wan Kwok, will remain incarcerated while awaiting trial on a $1 billion fraud case. A U.S. appeals court upheld a lower court's decision to deny Guo's $25 million bail request. The court expressed concerns about Guo potentially fleeing or posing a danger if released, despite proposed conditions like GPS monitoring and armed security.
Guo, arrested in March, has pleaded not guilty to charges including wire and securities fraud. Prosecutors allege he defrauded thousands of investors through inflated promises of profits related to his media company, GTV Media Group Inc., Himalaya Farm Alliance, G’CLUBS, and the Himalaya Exchange. The alleged scheme, spanning from 2018, reportedly funded lavish purchases for Guo and his family, including a sprawling mansion, a Ferrari, luxury mattresses, and a yacht. However, Guo's legal team claims he is currently financially insolvent.
Before leaving China in 2014 amidst an anti-corruption campaign targeting his associates, Guo was considered one of the country's wealthiest individuals. He subsequently became a vocal critic of the Chinese Communist Party while residing in New York. Chinese authorities have accused Guo of various offenses, including rape, kidnapping, and bribery, which he claims are fabricated in retaliation for exposing corruption and criticizing party leaders. During his time in the U.S., Guo formed a close relationship with Steve Bannon, former strategist for President Trump, and in 2020, they jointly announced an initiative aimed at overthrowing the Chinese government.
