Judge rejects bail for Chinese businessman in $1B fraud case

In this courtroom sketch, Guo Wengui, seated center, and his attorney Tamara Giwa, left, appear in federal court in New York, March 15, 2023. [AP Photo]

A self-exiled Chinese businessman charged in a $1 billion fraud case will remain behind bars after a federal judge rejected a proposed $25 million bail package Thursday, saying there was clear and convincing evidence he would remain an economic threat and a flight risk if he were freed.

Judge Analisa Torres said in a written order that she didn't trust that Guo Wengui would obey court orders if released, even with strict bail conditions including GPS monitoring and a 24-hour guard. She noted that he faces a maximum sentence of over 100 years in prison if convicted.