Yvette Wang, the chief of staff to the controversial exiled Chinese businessman Guo Wengui, has pleaded guilty to a fraud conspiracy.
What Happened: Wang admitted to a fraud conspiracy that swindled over $1 billion from numerous victims across the globe. This plea comes just weeks before Guo, 53, is set to stand trial in Manhattan federal court for related charges, reported CNBC.
Guo, also known as Miles Guo, Miles Kwok, Brother Seven, and The Principal. He has been residing in the U.S. since 2015, having reportedly fled China to avoid corruption charges.
Wang was initially scheduled to stand trial with Guo in the same case before her plea. She has agreed to pay $1.4 billion in restitution to the U.S. and forfeit the same amount.
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“Yvette Wang played a leadership role in a broad and complex scheme to defraud thousands,” said Manhattan U.S. attorney Damian Williams. “Through false promises and lies, this scheme collected more than $1 billion from innocent victims located throughout the country and the world. Wang inflicted pain and loss on so many, and she will now be held to account for the harm she and others caused.”
Wang faces a maximum possible sentence of 10 years in prison for the charges of conspiracy to commit wire fraud and conspiracy to commit money laundering. Her sentencing is scheduled for Sept. 10.
Why It Matters: This development comes just weeks before Guo’s trial. Prosecutors have accused Guo, an associate of former Trump White House aide Steve Bannon, of deceiving his online followers with promises of high investment returns. Guo has pleaded not guilty to these charges.
Guo’s legal troubles have been ongoing. In September 2022, three companies linked to Guo, including GTV Media, agreed to pay nearly $540 million to settle civil allegations by the SEC of making illegal offerings of stock and digital assets, the report noted.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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