Jury Selection Starts Today in High-Profile Case
Jury selection begins today in the highly anticipated trial of Guo Wengui, a Chinese businessman living in exile who is accused of masterminding a massive investment scam. Prosecutors allege Guo defrauded thousands of investors out of more than $1 billion.
Guo Pleads Not Guilty to Multiple Charges
Guo, also known by aliases Miles Guo, Miles Kwok, and Ho Wan Kwok, has denied all charges. The 12 charges against him include securities fraud, wire fraud, money laundering, and conspiracy. He faces decades in prison if convicted.
Prosecutors Detail Alleged Scheme
According to federal prosecutors, Guo exploited his large online following, comprised of hundreds of thousands of supporters, to lure investors into various ventures. These included a media company, cryptocurrency projects, and two other fraudulent schemes. The indictment alleges that instead of delivering the promised high returns, Guo diverted the money to support a lavish lifestyle.
Prosecutors Detail Alleged Extravagant Spending
Prosecutors claim Guo used the stolen funds to purchase a luxurious mansion in New Jersey, a $3.5 million Ferrari for his son, and even two mattresses costing a staggering $36,000 each. They are also seeking to seize assets allegedly acquired through the fraud, including the mansion, a yacht, bank accounts, and a collection of luxury cars like a Bugatti, Lamborghini, and Rolls Royce.
Former Associate’s Guilty Plea May Bolster Case
The government’s case against Guo may have received a boost recently. His former chief of staff, Yvette Wang, pleaded guilty in early May to conspiring with Guo to commit wire fraud and money laundering. Her sentencing is scheduled for September 10th.
