Chinese billionaire arrested in the US on suspicion of defrauding 1 billion USD

New York [US], March 16: Exiled Chinese billionaire GuoWengui (GuoWengui) was arrested and prosecuted in the US for defrauding investors of more than $1 billion.
CNN reported that billionaire Quach Van Quy (52 years old) was arrested at his home in Manhattan (New York, USA) on March 15, then was prosecuted by the US Department of Justice for many crimes related to the $ 1 billion fraud .
Mr. Guo, also known as Ho Wan Kwok and Miles Guo, used the nonprofits he founded to mobilize participants to invest. Indicted together with Mr. Quach in this case is also financial advisor Je Kin Ming (Du Kien Minh), also known as William Je, 56 years old. The man is British and has not been arrested yet.
Thousands of victims have been lured since 2018 to invest in the media company GTV, a farm loan program through the Himalaya Farm Alliance and a digital currency called Himalaya Coin owned by Mr. .
Prosecutors say that instead of using the money as promised, Guo directed the funds to invest in a hedge fund to benefit GTV and a relative. The victims' money was also used to buy and repair a 4,645 square meter house in New Jersey, buy a $37 million superyacht, a $4.4 million Bugatti supercar and many other luxury items. .
Prosecutors asked the court to order Guo's arrest because he was in danger of absconding. Prosecutors seized $634 million from 21 bank accounts and a Lamborghini Aventador SVJ Roadster.
In addition to allegations of conspiracy, telephone fraud, securities fraud, money laundering, and obstruction of justice, Mr. Quach Van Quy and Mr. William Je were also sued by the Securities and Exchange Commission in a separate case. turn.
According to CNBC, Mr. Quach Van Quy pleaded not guilty at the trial on the afternoon of March 15 in Manhattan. He postponed his bail application to wait for the lawyers to return to New York.
If convicted, Mr. Guo and Mr. Yu could face up to 20 years in prison each.
Hours after his arrest, a fire broke out in the building that housed Mr. Guo's apartment in Manhattan, but was extinguished.
Mr. Quach Van Quy has lived in the US since 2015 after leaving China , supposedly to avoid arrest on corruption charges. Former White House chief strategist Steve Bannon during Donald Trump's presidency and Quach Van Quy co-founded the non-profit organization The Rule of Law. Mr. Bannon was arrested in 2020 on Guo's yacht on charges of fraud. Mr. Bannon was later pardoned by Mr. Trump but was charged with the same offense and pleaded not guilty.
Source: ThanhNien Newspaper