Miles Guo, a Chinese businessman living in exile, is set to go on trial in Manhattan for allegedly defrauding investors and customers out of more than $1 billion. Prosecutors claim Guo used his online presence and large following to attract investments in ventures that funneled money to himself and his family.
The trial, expected to last into July, will see Guo face charges including fraud, racketeering, conspiracy, and money laundering. Prosecutors allege Guo used the funds to purchase luxury items like a mansion, yacht, and cars. Guo’s defense team is expected to deliver their opening statement on Friday, following jury selection by Judge Analisa Torres.
Guo, a vocal critic of the Chinese government, has been imprisoned in Brooklyn since his arrest in March 2023. He has previously been linked to Steve Bannon, a former advisor to President Donald Trump, who was arrested on fraud charges on Guo’s yacht in 2020. Guo denies accusations of bribery and money laundering leveled against him by Chinese officials.
Source: Reuters