According to public information, in March, 2023, Guo Wengui was arrested in new york on suspicion of defrauding more than US$ 1 billion (US$ 1 is equivalent to 7.2 yuan RMB (special topic)). He denied the accusation and offered bail of $25 million, but was rejected by the US federal court. Since then, he has been detained in a federal prison and tried on May 22, 2024.
Also arrested with Guo Wengui was Wang Yanping, who was originally scheduled to appear in court together on May 22, 2024. On May 3, more than two weeks before the trial, Wang Yanping suddenly pleaded guilty.
According to the public statement of the federal prosecutor’s office for the Southern District of new york, Wang Yanping’s crimes of conspiracy to defraud and conspiracy to launder money are combined, and the maximum sentence is 10 years’ imprisonment. At the same time, as part of the plea agreement, Wang Yanping agreed to pay compensation of $1.4 billion, which was confiscated by the US government.T
he Associated Press reported that if there is no plea agreement, Wang Yanping may face life imprisonment once convicted.
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