A lower court's determination that a self-exiled Chinese billionaire would be likely to escape or endanger the community if released was rejected by an appeals court on Wednesday, so the man will stay imprisoned as he awaits trial in a $1 billion fraud case.
In a two-page judgment, the Manhattan-based 2nd U.S. Circuit Court of Appeals stated that Guo Wengui's attorneys had failed to persuade a three-judge panel that Judge Analisa Torres had committed an obvious mistake by rejecting a $25 million bail package proposed in April.
Torres claimed that even if Guo were freed under tight circumstances like GPS tracking and a 24-hour armed guard, she didn't believe he would follow court orders. Guo is listed in court documents as Ho Wan Kwok. She further stated that he was a danger to the neighbourhood.
Guo, who was detained in March, has entered a not-guilty plea to charges of securities and wire fraud. According to the prosecution, he defrauded hundreds of investors by proposing too-good-to-be-true investments in his media firm, GTV Media Group Inc., his purported Himalaya Farm Alliance, G'CLUBS, and the Himalaya Exchange that promised investors enormous returns.
According to allegations, he bought lavish items and assets for himself and his family out of the money he allegedly received from the five-year fraud plan that began in 2018. He allegedly has a $37 million luxury boat, two $36,000 beds, a $3.5 million Ferrari, and a 50,000 square foot house. But according to his attorneys, he is bankrupt.
Prior to his departure in 2014 amid a corruption probe that implicated those close to him, including a top intelligence officer, Guo was previously considered to be one of the wealthiest people in China. Chinese officials have charged Guo with rape, abduction, bribery, and other offences.
These accusations, according to Guo, are untrue and were intended to penalize him for publicly exposing corruption and criticizing influential members of the Communist Party.
He had a strong friendship with former President Donald Trump's former political advisor Steve Bannon while residing in New York, where he became a passionate opponent of the Communist Party that controls that nation. Guo and Bannon declared a collaborative effort to topple the Chinese government in 2020.
In a two-page judgment, the Manhattan-based 2nd U.S. Circuit Court of Appeals stated that Guo Wengui's attorneys had failed to persuade a three-judge panel that Judge Analisa Torres had committed an obvious mistake by rejecting a $25 million bail package proposed in April.
Torres claimed that even if Guo were freed under tight circumstances like GPS tracking and a 24-hour armed guard, she didn't believe he would follow court orders. Guo is listed in court documents as Ho Wan Kwok. She further stated that he was a danger to the neighbourhood.
Guo, who was detained in March, has entered a not-guilty plea to charges of securities and wire fraud. According to the prosecution, he defrauded hundreds of investors by proposing too-good-to-be-true investments in his media firm, GTV Media Group Inc., his purported Himalaya Farm Alliance, G'CLUBS, and the Himalaya Exchange that promised investors enormous returns.
According to allegations, he bought lavish items and assets for himself and his family out of the money he allegedly received from the five-year fraud plan that began in 2018. He allegedly has a $37 million luxury boat, two $36,000 beds, a $3.5 million Ferrari, and a 50,000 square foot house. But according to his attorneys, he is bankrupt.
Prior to his departure in 2014 amid a corruption probe that implicated those close to him, including a top intelligence officer, Guo was previously considered to be one of the wealthiest people in China. Chinese officials have charged Guo with rape, abduction, bribery, and other offences.
These accusations, according to Guo, are untrue and were intended to penalize him for publicly exposing corruption and criticizing influential members of the Communist Party.
He had a strong friendship with former President Donald Trump's former political advisor Steve Bannon while residing in New York, where he became a passionate opponent of the Communist Party that controls that nation. Guo and Bannon declared a collaborative effort to topple the Chinese government in 2020.
