Exiled Chinese Tycoon Faces Trial for Alleged $1 Billion Fraud

Prosecutors accuse Guo Wengui of defrauding followers to fund a lavish lifestyle; defense claims legitimate business practices.

Guo Wengui, also known as Miles Guo, is accused of scamming followers after Chinese authorities seized his assets.
Prosecutors allege Guo used fraudulent investments to buy luxury items including mansions, yachts, and expensive mattresses.
Defense attorney argues Guo's actions were protective measures against Chinese government interference and not criminal.
Guo has been jailed since March 2023 and faces multiple charges including fraud, racketeering, and money laundering.
The trial, expected to last until July, will include testimonies from individuals who claim to have lost life savings to Guo's schemes.