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Mar 16, 2023

Business Tycoon Guo Wengui Accused of Defrauding Thousands of People Transcript

Business Tycoon Guo Wengui Accused of Defrauding Thousands of People Transcript
Rev › Blog › Transcripts › Guo Wengui › Business Tycoon Guo Wengui Accused of Defrauding Thousands of People Transcript

Fugitive Chinese businessman Guo Wengui was arrested in New York on March 15, 2023, over allegations that he conspired to defraud thousands of online followers out of more than US$1 billion. Read the transcript here. 

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Christine (00:00):

Fire broke out at a Chinese billionaire’s penthouse just hours after his arrest.

Maurice (00:05):

He is charged with fraud and money laundering and, as his CBS2’s Alecia Reid explains, he was once an ally of former Trump advisor, Steve Bannon.

Alecia Reid (00:13):

Maurice and Christine, the suspect was all smiles in court today, but the charges he’s facing are very serious. Chinese business tycoon, Guo Wengui, who also goes by a half a dozen other aliases, is facing international money laundering, conspiracy, and fraud charges for allegedly soliciting more than a billion dollars of investments from thousands of online victims.

Linda Miller (00:39):

We’re seeing these kinds of scams in the investment space growing as we’re seeing the economy worsen.

Alecia Reid (00:46):

Court documents say Guo lied to his victims, promising large returns on their investments into his two nonprofits. Instead, he’s accused of using more than 300 million to purchase a New Jersey mansion, luxury vehicles including a Ferrari, and a super yacht, among other things.

Linda Miller (01:04):

It’s really surprising to me and it continues to surprise me, how many people are willing to provide a lot of their money to the people like this man.

Alecia Reid (01:15):

Guo left China in 2014 amid bribery and money laundering charges. He has close ties to former Trump advisor Steve Bannon, announcing a joint initiative back in 2020 to overthrow the Chinese government.

Linda Miller (01:29):

Mr. Guo had created the nonprofits and things that would allow people to align to his views and then that gave them a sense of credibility that he was somebody that they could trust.

Alecia Reid (01:42):

Hours after Guo’s arrest inside his 18th floor penthouse at the Sherry-Netherland Hotel near Central Park, a fire broke out. Law enforcement officials say the FBI was on scene executing a search warrant when the Blaze erupted. Guo’s financier, Kin Ming Je, resides in the UK and is also facing charges. He’s currently at large while Guo remains behind bars after pleading not guilty to his charges. He’s due back in court on April 4th. On the Upper East Side, Alecia Reid, CBS2 News.

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