Top Aide to Chinese Businessman Guo Wengui Pleads Guilty to $1 Billion Fraud Conspiracy

Yvette Wang, the top aide to Chinese businessman Guo Wengui, admitted in court in New York that she took part in a scheme that stole over $1 billion from people worldwide. This happened just before Guo, who’s 53 years old, is supposed to go on trial in Manhattan for similar charges. Wang was going to stand trial alongside Guo before she confessed.

Guo, who’s connected with former Trump aide Steve Bannon, is accused of tricking his online followers into investing by promising big returns. He says he’s innocent.

Wang, aged 45, agreed to pay $1.4 billion in fines and give up the same amount. The Manhattan U.S. Attorney, Damian Williams, said this.

Yvette Wang pleaded guilty in New York to $1 billion for being involved in a fraud conspiracy along with Guo Wengai.

She could face up to 10 years in prison for conspiracy to commit fraud and money laundering. Her sentencing is set for September 10.

Williams said Wang played a big role in a plan that tricked many people out of their money.

Guo, when arrested last year, allegedly spent some of the stolen money on a big house, a yacht, fancy cars, and expensive items like a piano and mattresses.

Guo used stolen money for a mansion, yacht, and cars; Wang paid $1.4 billion in restitution

Prosecutors seized over $650 million from bank accounts and other assets. Guo’s companies agreed to pay around $540 million to settle allegations of illegal stock trading.

Guo, also known as Miles Guo or Miles Kwok, has been in the U.S. since 2015, reportedly to avoid charges of corruption in China.

Jen Garcia
Jen Garcia
Experienced finance and business news writer, exploring market dynamics with insightful analysis and engaging storytelling.
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