Exiled Chinese Tycoon Denied Bail in $1 Billion Fraud Case

Guo Wengui, a Chinese businessman with ties to senior Chinese government officials, will remain imprisoned while awaiting trial for allegedly defrauding thousands of investors out of more than $1 billion.
An appeals court rejected Guo's proposed $25 million bail package, upholding a lower court's ruling that Guo might flee or tamper with witnesses if released.
Guo has been jailed in Brooklyn, New York since March and pleaded not guilty to 11 charges including wire fraud, securities fraud and money laundering.
Prosecutors allege Guo stole money from investors in sham offerings from his media company and agricultural business to fund an extravagant lifestyle.
Once considered one of China's wealthiest businessmen, Guo left China in 2014 during a government anti-corruption campaign that caused the downfall of officials with close ties to Guo.