Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Appeals court denies bail for self-exiled Chinese businessman awaiting fraud trial By: FOXNews.com June 15, 2023 at 07:26 AM EDT The 2nd Circuit Court of Appeals in Manhattan denied bail for Guo Wengui, a Chinese businessman who is awaiting trial in a $1 billion fraud case. A self-exiled Chinese businessman awaiting trial in a $1 billion fraud case will remain behind bars after an appeals court on Wednesday rejected his request to override a lower court's finding that he might flee or harm the community if he were to be freed.The 2nd U.S. Circuit Court of Appeals in Manhattan said in a two-page order that Guo Wengui's lawyers had failed to convince a three-judge panel that Judge Analisa Torres made a clear error in refusing to accept a $25 million bail package proposal in April.Torres said she didn't trust that Guo, listed in court papers under the name Ho Wan Kwok, would obey court orders if he was released on strict conditions including GPS monitoring and a 24-hour armed guard. She also wrote that he posed a threat to the community.TAIWAN SCRAMBLES JETS AS CHINESE WAR PARTY CROSSES MEDIAN LINE FOR SECOND TIME IN DAYSGuo, who was arrested in March, has pleaded not guilty to charges including wire and securities fraud. Prosecutors said he fleeced thousands of investors in too-good-to-be-true offerings that promised outsize profits for investors in his media company, GTV Media Group Inc., his so-called Himalaya Farm Alliance, G’CLUBS, and the Himalaya Exchange.He allegedly used proceeds from the five-year fraud scheme starting in 2018 to buy extravagant goods and assets for himself and his family. Prosecutors say he has a 50,000-square-foot mansion, a $3.5 million Ferrari, two $36,000 mattresses and a $37 million luxury yacht.His lawyers, though, say he is broke.'RED ALERT': CHINA POSTS BIZARRE VIDEO OF MARCHING FEMALE CHINESE SOLDIERS TO SOUNDS OF CLASSIC VIDEO GAMEGuo was once thought to be among the richest people in China before he left in 2014 during a crackdown on corruption that ensnared individuals close to him, including a top intelligence official. Chinese authorities have accused Guo of rape, kidnapping, bribery and other offenses.Guo has said those allegations are false and were meant to punish him for publicly outing corruption and criticizing leading figures in the Communist Party.CLICK HERE TO GET THE FOX NEWS APPWhile living in New York, he became a fierce critic of the ruling Communist Party in China and developed a close relationship with former President Donald Trump's onetime political strategist Steve Bannon. In 2020, Guo and Bannon announced a joint initiative to overthrow the Chinese government. Related Stocks: Fancamp Exploration Ltd Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Appeals court denies bail for self-exiled Chinese businessman awaiting fraud trial By: FOXNews.com June 15, 2023 at 07:26 AM EDT The 2nd Circuit Court of Appeals in Manhattan denied bail for Guo Wengui, a Chinese businessman who is awaiting trial in a $1 billion fraud case. A self-exiled Chinese businessman awaiting trial in a $1 billion fraud case will remain behind bars after an appeals court on Wednesday rejected his request to override a lower court's finding that he might flee or harm the community if he were to be freed.The 2nd U.S. Circuit Court of Appeals in Manhattan said in a two-page order that Guo Wengui's lawyers had failed to convince a three-judge panel that Judge Analisa Torres made a clear error in refusing to accept a $25 million bail package proposal in April.Torres said she didn't trust that Guo, listed in court papers under the name Ho Wan Kwok, would obey court orders if he was released on strict conditions including GPS monitoring and a 24-hour armed guard. She also wrote that he posed a threat to the community.TAIWAN SCRAMBLES JETS AS CHINESE WAR PARTY CROSSES MEDIAN LINE FOR SECOND TIME IN DAYSGuo, who was arrested in March, has pleaded not guilty to charges including wire and securities fraud. Prosecutors said he fleeced thousands of investors in too-good-to-be-true offerings that promised outsize profits for investors in his media company, GTV Media Group Inc., his so-called Himalaya Farm Alliance, G’CLUBS, and the Himalaya Exchange.He allegedly used proceeds from the five-year fraud scheme starting in 2018 to buy extravagant goods and assets for himself and his family. Prosecutors say he has a 50,000-square-foot mansion, a $3.5 million Ferrari, two $36,000 mattresses and a $37 million luxury yacht.His lawyers, though, say he is broke.'RED ALERT': CHINA POSTS BIZARRE VIDEO OF MARCHING FEMALE CHINESE SOLDIERS TO SOUNDS OF CLASSIC VIDEO GAMEGuo was once thought to be among the richest people in China before he left in 2014 during a crackdown on corruption that ensnared individuals close to him, including a top intelligence official. Chinese authorities have accused Guo of rape, kidnapping, bribery and other offenses.Guo has said those allegations are false and were meant to punish him for publicly outing corruption and criticizing leading figures in the Communist Party.CLICK HERE TO GET THE FOX NEWS APPWhile living in New York, he became a fierce critic of the ruling Communist Party in China and developed a close relationship with former President Donald Trump's onetime political strategist Steve Bannon. In 2020, Guo and Bannon announced a joint initiative to overthrow the Chinese government. Related Stocks: Fancamp Exploration Ltd