Yvette Wang, former chief of staff to Chinese businessman Guo Wengui, confessed on Friday to colluding with him in a colossal fraud scheme, defrauding numerous investors of over $1 billion.
Wang, 45, admitted guilt to wire fraud and money laundering charges in a Manhattan federal court, just ahead of her trial alongside Guo.
She has been in custody since their arrest in March 2023 and faces a potential 10-year prison sentence upon sentencing.
U.S. Attorney Damian Williams emphasized accountability, stating Wang would face consequences for the harm inflicted.
Wang’s lawyer did not provide a comment. Guo, also known as Ho Wan Kwok and Miles Kwok, awaits trial for fraud charges related to a media company and cryptocurrency ventures. He has remained incarcerated since his arrest in 2023.
The indictment alleges Guo exploited his extensive online presence and large following, promising exaggerated returns to finance his extravagant lifestyle.
Wang’s guilty plea reveals involvement in fraudulent activities, including soliciting funds through entities like GTV Media Group and Himalaya Exchange.
The case highlights the nexus between high-profile figures and financial malpractice, with Guo’s association with former U.S. President Donald Trump‘s advisor Steve Bannon adding to its complexity.
As Wang’s admission shines a light on the fraudulent scheme’s inner workings, anticipation builds for Guo’s upcoming trial in May.
The legal proceedings underscore the consequences of financial deceit and the importance of holding perpetrators accountable, especially in cases involving substantial monetary losses.
The verdicts expected in Wang’s and Guo’s trials will provide clarity on the extent of their involvement and the justice system’s response to their actions.
