In a two-page ruling, the Manhattan-based United States Court of Appeals for the 2nd Circuit said Guo Wengui’s lawyers failed to convince a three-judge panel that Judge Analisa Torres had made an obvious mistake in rejecting a $25 million bond offered in April. .
Torres claimed that even if Guo was released under difficult circumstances like GPS tracking and a 24-hour armed guard, she did not believe he would follow court orders. Guo is listed in court documents as Ho Wan Kwok. She further stated that he was a danger to the neighborhood.
Guo, who was arrested in March, has pleaded not guilty to charges of securities fraud and wire fraud. According to the prosecution, he defrauded hundreds of investors by offering too-good-to-be-true investments in his media company, GTV Media Group Inc., his so-called Himalaya Farm Alliance, G’CLUBS, and the Himalayan Exchange which promised investors huge returns.
He is alleged to have bought lavish items and assets for himself and his family with the money he allegedly received from the five-year fraud scheme that began in 2018. He is said to have a 37-meter luxury boat million dollars, two $36,000 beds, a $3.5 million Ferrari and a 50,000 square foot house. But according to his lawyers, he is bankrupt.
Prior to his departure in 2014 amid a corruption probe involving relatives, including a senior intelligence official, Guo was previously considered one of China’s wealthiest people. Chinese authorities have charged Guo with rape, kidnapping, bribery and other offenses.
These charges, according to Guo, are false and were intended to penalize him for publicly exposing corruption and criticizing influential members of the Communist Party.
He had a strong friendship with former President Donald Trump’s former political adviser, Steve Bannon, while residing in New York, where he became a passionate opponent of the Communist Party which controls that nation. Guo and Bannon declared a collaborative effort to overthrow the Chinese government in 2020.
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