Exiled Chinese billionaire's alleged accomplice pleads guilty in massive fraud conspiracy
Yvette Wang, an accomplice of indicted Chinese billionaire Guo Wengui, pleaded guilty in New York last week to defrauding investors out of over $1 billion dollars in "a complex scheme," prosecutors said.
Yvette Wang, accused of being an accomplice of exiled and indicted Chinese billionaire Guo Wengui, pleaded guilty in New York last week to defrauding many investors out of over $1 billion in "a complex scheme," prosecutors said.
Just a few weeks before her scheduled trial in New York federal court alongside Guo, who faces similar charges, Wang opted to plead guilty to one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering.
Federal prosecutors arrested and charged Guo in New York last year, accusing her of orchestrating and leading a massive fraud conspiracy that duped thousands of his online followers out of more than $1 billion from 2018 to March 2023. The government said that Guo promised “outsized financial returns and other benefits” to his followers but that, instead, he used the fraudulently obtained money to support his opulent lifestyle.
“Yvette Wang played a leadership role in a broad and complex scheme to defraud thousands,” U.S. Attorney Damian Williams said in a statement.
“Through false promises and lies, this scheme collected more than $1 billion from innocent victims located throughout the country and the world," Williams added. "Wang inflicted pain and loss on so many, and she will now be held to account for the harm she and others caused.”
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