On November 20, 2018, fugitive Chinese billionaire Guo Wengui held a press conference in New York to report the death of French tycoon Wang Jian on July 3, 2018.
Don Emmert | AFP | Getty Images
The chief of staff of controversial exiled Chinese businessman Guo Wengui pleaded guilty in New York on Friday to conspiring to defraud more than $1 billion from hundreds of thousands of victims around the world, prosecutors said.
Yvette Wang’s guilty plea comes weeks before Guo, 53, goes on trial in Manhattan federal court on related charges. Wang plans to stand trial with Ms. Guo before she pleads guilty.
Prosecutors allege that Guo worked as an aide to former Trump White House aide Steve Bannon and deceived his online followers by promising huge returns on their investments. Guo has pleaded not guilty.
Manhattan U.S. Attorney Damian Williams said Wang, 45, agreed to pay $1.4 billion in damages to the United States and give up an equal amount.
She faces a maximum possible sentence of 10 years in prison for conspiracy to commit wire fraud and conspiracy to commit money laundering.
She will be sentenced on September 10.
“Ivy Wang played a leadership role in an extensive and sophisticated scheme that defrauded thousands of people,” Williams said in a statement.
“Through false promises and lies, this scheme raised more than $1 billion from innocent victims across the country and around the world. Wang has caused pain and loss to so many people, and now she will be held accountable for the harm she and others have caused. responsibility,'” Williams said.
When Guo was arrested last year, prosecutors said he used some of the money he raised through his company, GTV Media, and other entities to buy a 50,000-square-foot mansion in New Jersey, a $37 million yacht, and a yacht for his son. A $3.5 million Ferrari, a $140,000 Bosendorfer piano and two Hasten 2000T mattresses sold for a whopping $36,000 each.
Prosecutors seized more than $650 million in alleged fraud proceeds from 21 different bank accounts, as well as a Lamborghini Aventador SVJ Roadster car and other assets.
In September 2022, three companies related to Guo Wengui, including GTV Media, agreed to pay nearly $540 million to settle civil charges against Guo. U.S. Securities and Exchange Commission illegally provided Stocks and digital assets.
Mr. Guo has several names, including Guo Wengui, Mr. Wengui, Seventh Brother, and Principal.
He has lived in the United States since 2015.
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