Chinese Businessman Arrested in $1B Fraud Conspiracy

USA – A Chinese business tycoon long sought by the government was arrested Wednesday in New York on charges that he oversaw a $1 billion fraud conspiracy.

Guo Wengui, 54, and his financier, faced an indictment in federal court in Manhattan charging them with various crimes, including wire, securities and bank fraud.

U.S. prosecutors said the indictment stemmed from a complex scheme in which GUO lied to hundreds of thousands of online followers in the United States and around the world before misappropriating hundreds of millions of dollars.