Exiled Chinese tycoon Guo Wengui likes the finer things in life, like superyachts and custom-made Italian suits, but that isn’t against the law, his lawyer told the jury in his billion-dollar fraud and racketeering trial. Being “shallow or rich does not make for a criminal,” defence attorney Sabrina Shroff said in her opening statement Friday at Guo’s trial in New York. Guo Wengui is accused of tricking investors into handing over $US1 billion for what they thought were promising investment opportunities.
Credit: Reuters The case involves the intriguing background and wealth of a businessman who amassed a strong online following criticising the Chinese Communist Party and was an associate of former Donald Trump adviser Steve Bannon. Also known as Miles Guo and Ho Wan Kwok, he is accused of stealing more than $US1 billion ($1.5 billion) from investors after tricking them into funding four bogus schemes.
He has pleaded not guilty to 11 charges. Federal prosecutors in Manhattan allege that Guo, who referred to himself as “Brother Seven” in online videos before his arrest in March 2023, spent the funds on lavish gifts for himself and his family, including a $US26 million New Jersey mansion, a $US37 million yacht and a $US60,000 TV. Kicking off the openings, Assistant US Attorney Micah Fergenson told the jury Guo gained popularity showing off his wealth and speaking out against the Chinese leadership, provoking it to seize his assets.
Loading Fraud spree Short of cash,.
