A business tycoon appeared in a Manhattan courtroom on Wednesday on conspiracy charges. Federal prosecutors say he defrauded thousands of people. alecia__reid has the latest.
-- A business tycoon appeared in a Manhattan courtroom on Wednesday on conspiracy charges. Federal prosecutors say he defrauded thousands of people.
But his charges are no laughing matter. Ho Wan Kwok, who also goes by the alias Miles Guo, is facing international money laundering, conspiracy, and fraud charges for allegedly soliciting more than $1 billion in investments. He allegedly used more than $300 million for family benefits that include a $26.5 million New Jersey mansion, luxury vehicles, including a $3.5 million Ferrari, a super yacht, a piano, a $100 million hedge fund investment, and at least $10 million into his spouse's account.There was a fire on the same floor of The Sherry-Netherland building where he lives on the Upper Eat Side, but it is not confirmed yet if this fire is related to his arrest.
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