Guo Wengui, a Chinese billionaire and associate of Steve Bannon, was denied bail after being charged in a $1 billion fraud case in March.
U.S. District Judge Analisa Torres rejected Guo’s proposed bail package, saying he must remain behind bars pending trial because there is “no condition or set of conditions” that would ensure his return to court or the safety of the community, according to the court order.
It was on Guo's yacht that Bannon, the former chief White House strategist and adviser to former President Donald Trump, was arrested in a fraud case in 2020. Trump pardoned Bannon in 2021. Prosecutors allege that Guo promised his followers “outsized financial returns and other benefits.” Guo then misappropriated hundreds of millions of dollars of the fraudulently obtained funds, which went towards his lavish lifestyle.
The judge on Thursday also said Guo’s proposed bail package — which amounted to a $25 million bond, $5 million which would be secured by cash or real estate — was “insufficient,” noting he filed for bankruptcy and claimed to only have $10,000 in assets.
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