An exiled Chinese businessman charged by U.S. prosecutors with leading a more than $1 billion fraud will remain in jail after a federal judge in Manhattan on Thursday rejected a proposed $25 million bail package.
U.S. District Judge Analisa Torres said prosecutors had shown it more likely than not that Guo Wengui was a serious flight risk, and shown by clear and convincing evidence that he would pose a risk of economic harm to the community if released.
Torres also said Guo’s “obstructive behavior” in the criminal case–including a false claim he had just $10,000 of assets–and in civil and bankruptcy proceedings left her with no “reasonable assurance” he would comply with any bail conditions.