Exiled Chinese billionaire Guo Wengui charged with $1 billion fraud conspiracy.

Exiled Chinese businessman Guo Wengui has been charged by the US government with leading a complex conspiracy to defraud his online followers out of more than $1bn. Guo, with help from his financial adviser Kin Ming Je, allegedly cheated thousands of followers since 2018 by promising "outsized" investment returns, but diverting much of their money to fund lavish lifestyles for himself and his family. Guo has been charged with 11 criminal counts including securities fraud, wire fraud and concealment of money laundering. He pleaded not guilty and was ordered detained without bail.