Chinese businessman seeks bail in $1 billion fraud case

Published March 31, 2023 4:24 PM

By LARRY NEUMEISTER
Associated Press

NEW YORK (AP) — Lawyers for a wealthy self-exiled Chinese businessman are seeking bail for him two weeks after his arrest, saying he cannot properly prepare for trial from behind bars. The lawyers submitted papers in Manhattan federal court Friday to seek bail for Guo Wengui. Guo was arrested on various charges, including wire, securities and bank fraud. Guo was detained at the time, although a lawyer indicated bail would later be sought. Prosecutors said the prosecution stemmed from a complex scheme in which Guo and others lied to hundreds of thousands of online followers before misappropriating hundreds of millions of dollars.

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