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No bail for exiled Chinese businessman Guo Wengui

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NEW YORK : A U.S. appeals court in Manhattan on Wednesday said the exiled Chinese businessman Guo Wengui should remain in jail while he awaits trial over an alleged fraud that federal prosecutors have said exceeds $1 billion.The 2nd U.S. Circuit Court of Appeals said it did not have a 'definite and firm c

NEW YORK : A U.S. appeals court in Manhattan on Wednesday said the exiled Chinese businessman Guo Wengui should remain in jail while he awaits trial over an alleged fraud that federal prosecutors have said exceeds $1 billion.

Prosecutors have said Guo defrauded thousands of followers who invested in a media company, cryptocurrency and other ventures, and spent some proceeds on luxuries including a $37 million yacht, a $3.5 million Ferrari and a New Jersey mansion. In denying bail, U.S. District Judge Analisa Torres on April 20 said prosecutors had established that if released Guo would be a serious flight risk and pose a danger to the community, and that there was no assurance he would appear in court.

 

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