Chinese businessman arrested in $1 billion fraud conspiracy

KIFI

Published March 15, 2023 9:56 AM

By LARRY NEUMEISTER
Associated Press

NEW YORK (AP) — A self-exiled Chinese businessman has pleaded not guilty in New York to charges alleging that he oversaw a $1 billion fraud conspiracy. Guo Wengui and his financier, Kin Ming Je, were charged in an indictment in federal court in Manhattan with various charges, including wire, securities and bank fraud. His chief of staff, Yanping Wang, was also charged. Guo was detained. Yanping’s bail was set at $5 million. Prosecutors said the arrests Wednesday and the indictment stemmed from a complex scheme in which the defendants lied to hundreds of thousands of online followers before misappropriating hundreds of millions of dollars. Je has not been arrested.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.