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AP National Business

Prosecutors urge no bail for Chinese man in $1B fraud case

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Published 2:11 PM

By LARRY NEUMEISTER
Associated Press

NEW YORK (AP) — Prosecutors are asking a judge to reject bail for a wealthy self-exiled Chinese businessman charged in a $1 billion fraud, saying he’s already breaking jail rules, and can flee or do harm even if freed on the most stringent bail conditions. The government has submitted a letter Monday in advance of a bail hearing Tuesday for Guo Wengui. Guo was arrested last month on charges including securities, wire and bank fraud. Last week, his lawyers proposed a $25 million bail package to include location monitoring, home detention and the use of an armed guard to ensure he shows up for court.

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