Following the death of billionaire Wang Jian in France on July 3, 2018, fugitive Chinese billionaire Guo Wengui held a press conference in New York on November 20, 2018.
Don Emmert | AFP | Getty Images
The chief of staff to controversial exiled Chinese businessman Guo Wengui pleaded guilty in New York on Friday to a fraud conspiracy that defrauded hundreds of thousands of victims around the world out of more than $1 billion, prosecutors said. Announced.
Yvette Wang’s plea comes weeks before Guo, 53, goes on trial in Manhattan federal court on related charges. Mr. Wang was scheduled to stand trial alongside Mr. Guo in the case before Mr. Guo’s plea.
Prosecutors have accused Mr. Guo, an associate of former President Trump aide Steve Bannon, of duping his online followers with promises of huge investment returns. Mr. Guo has maintained his innocence.
Mr. Wang, 45, agreed to pay $1.4 billion in restitution to the United States and forfeit the same amount, according to Manhattan U.S. Attorney Damian Williams.
She faces up to 10 years in prison on charges of wire fraud and money laundering conspiracy.
She is scheduled to be sentenced on September 10th.
“Yvette Wang played a leading role in an extensive and complex scheme to defraud thousands of people,” Williams said in a statement.
“Through false promises and lies, this scheme collected more than $1 billion from innocent victims across the country and around the world. Ms. Wang caused pain and loss to so many people. And she… You will now be held accountable for the harm you and others have caused,” Williams said.
When Mr. Guo was arrested last year, prosecutors said he had used some of the money he raised through his company, GTV Media, and other entities to buy a 50,000-square-foot mansion in New Jersey, a $37 million yacht, He said he bought a $3.5 million Ferrari for his son. A $140,000 Bösendorfer piano and two Hasten 2000T mattresses that cost a whopping $36,000 each.
Prosecutors seized more than $650 million in suspected fraudulent proceeds from 21 different bank accounts, as well as a Lamborghini Aventador SVJ Roadster car and other assets.
In September 2022, three companies linked to Mr. Guo, including GTV Media, agreed to pay nearly $540 million to settle the civil lawsuit. SEC Regarding the illegal provision of Stocks and digital assets.
Guo is known by various names, including Miles Guo and Miles Kwok, Brother Seven, and The Principal.
He has lived in the United States since 2015, but reportedly fled China to avoid corruption charges.
