US appeals court rejects bail for Chinese businessman awaiting fraud trial
Torres said she didn't trust that Guo, listed in court papers under the name
Guo, who was arrested in March, has pleaded not guilty to charges including wire and securities fraud. Prosecutors said he fleeced thousands of investors in too-good-to-be-true offerings that promised outsize profits for investors in his media company,
He allegedly used proceeds from the five-year fraud scheme starting in 2018 to buy extravagant goods and assets for himself and his family. Prosecutors say he has a 50,000-square-foot mansion, a
His lawyers, though, say he is broke.
Guo was once thought to be among the richest people in
Guo has said those allegations are false and were meant to punish him for publicly outing corruption and criticizing leading figures in the
While living in
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