Chief of Staff Guo Wengui pleads guilty to $1 billion fraud

Controversial exiled Chinese businessman Guo Wengui's chief of staff pleaded guilty Friday in New York to a fraud conspiracy wherein lots of of hundreds of victims around the globe were defrauded of greater than $1 billion, prosecutors said.

Yvette Wang's plea got here weeks before Guo, 53, is scheduled to go on trial on similar charges in Manhattan federal court. In this case, Wang was scheduled to face trial with Guo before her plea.

Prosecutors accuse Guo, an aide to former Trump White House adviser Steve Bannon, of deceiving his online followers with guarantees of inflated investment returns. Guo has pleaded not guilty.

Wang, 45, agreed to repay $1.4 billion to the United States and forfeit the identical amount of cash, based on U.S. Attorney Damian Williams in Manhattan.

She faces a maximum of 10 years in prison on charges of conspiracy to commit wire fraud and conspiracy to commit money laundering.

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She is scheduled to be sentenced on September tenth.

“Yvette Wang played a leading role in a vast and complex scheme to defraud thousands,” Williams said in an announcement.

“Through false guarantees and lies, this technique has collected greater than $1 billion from innocent victims across the country and around the globe. Wang has caused pain and loss to so many, and she’s going to now be held accountable for the harm she and others have caused,” Williams said.

When Guo was arrested last year, prosecutors said he used some of the money raised through his company GTV Media and other ventures to buy a 50,000-square-foot New Jersey mansion, a $37 million yacht and a 3.5 -Buying a million dollar Ferrari for his son. a Bösendorfer piano worth $140,000 and two Hasten 2000T mattresses that cost a whopping $36,000 apiece.

Prosecutors seized more than $650 million in suspected fraudulent proceeds from 21 different bank accounts, as well as a Lamborghini Aventador SVJ Roadster and other assets.

Three companies affiliated with Guo, including GTV Media, agreed in September 2022 to pay nearly $540 million to settle Guo's civil allegations SEC make illegal offers Stocks and digital assets.

Guo is understood by various names including Miles Guo and Miles Kwok, Brother Seven and The Principal.

He has lived within the United States since 2015. He reportedly fled China to avoid corruption charges.

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