Chinese émigré businessman and Steve Bannon pal Guo Wengui has been denied bail in his billion-dollar fraud case after prosecutors deemed him a serious flight risk.
after prosecutors deemed him a serious flight risk. Guo, a major critic of the Chinese Communist Party who was exiled during a 2014 crackdown on corruption, is accused of lying to thousands of investors and using their money to fund his luxurious lifestyle. Some of his high-flying purchases include a mansion, two $36,000 mattresses, and a $37 million yacht—which Bannon was onboard when he too was arrested for fraud in 2020.
Guo has pleaded not guilty to 11 counts including wire fraud, securities fraud, and money laundering. His attorneys had proposed a $25 million bail package, including round-the-clock security, but U.S. District Judge Analisa Torres agreed that Guo was a flight risk and said his “obstructive behavior” in other court cases—like claiming he only had $10,000 in assets to his name—made her think he wouldn’t comply with bail conditions.
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