Fugitive Chinese billionaire Guo Wengui holds a press conference in New York on November 20, 2018, over the death of French tycoon Wang Jian on July 3, 2018.
Don Emmert | AFP | getty images
Chief of staff of controversial exiled Chinese businessman Guo Wengui He pleaded guilty Friday in New York to a fraud conspiracy that defrauded hundreds of thousands of victims worldwide of more than $1 billion, prosecutors said.
Yvette Wang’s plea came just weeks before Guo, 53, was scheduled to go on trial in Manhattan federal court on related charges. Wang was scheduled to stand trial with Guo in that case before his plea.
Prosecutors accused Guo, an associate of former Trump White House aide Steve Bannon, of defrauding his online followers with promises of big investment returns. Guo has pleaded not guilty.
Wang, 45, agreed to pay $1.4 billion in restitution to the United States and forfeit a similar amount, according to Manhattan US Attorney Damian Williams.
He faces a maximum sentence of 10 years in prison on charges of conspiracy to commit wire fraud and conspiracy to commit money laundering.
He will be sentenced on September 10.
“Yvette Wang played a leadership role in an extensive and complex scheme to defraud thousands of people,” Williams said in a statement.
“Through false promises and lies, this scheme collected over $1 billion from innocent victims located across the country and the world. Wang caused pain and harm to many people, and is now held accountable for the harm caused to him and others.” Will be held.” “Williams said.
When Guo was arrested last year, prosecutors said he used some of the money he raised through his company gtv media and other entities purchased a 50,000-square-foot New Jersey mansion, a $37 million yacht, a $3.5 million Ferrari for his son, a $140,000 Bösendorfer piano, and two Hesten 2000T mattresses valued at $36,000 each.
Prosecutors seized more than $650 million of allegedly fraudulently obtained funds from 21 different bank accounts, as well as a Lamborghini Aventador SVJ Roadster automobile and other assets.
Three companies including Guo joined gtv mediaAgreed to pay approximately $540 million to settle civil charges in September 2022 seconds to make an illegal offer of Stocks and Digital Assets,
Guo is known by various names including Miles Guo miles quokBrother Seven, and the Principal.
He has been living in the United States since 2015. He reportedly fled to China to escape corruption charges.