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The chief of staff to Chinese businessman Guo Wengui, who is in exile, has pleaded guilty to involvement in a large-scale scheme that defrauded thousands of investors of more than $1 billion.
Yvette Wang, aged 45, admitted to conspiring to commit wire fraud and money laundering in a Manhattan federal court. Her guilty plea came just three weeks before she was scheduled to go on trial alongside Guo.
Wang has been in custody since her arrest with Guo in March 2023. She faces a potential sentence of up to 10 years in prison when she appears before U.S. District Judge Analisa Torres for sentencing on Sept. 10, as per her plea agreement.
"Wang caused pain and loss to many, and she will now be held accountable for the harm she and others caused," said U.S. Attorney Damian Williams in a statement.
Guo, also known as Ho Wan Kwok and Miles Kwok, is a vocal critic of China's Communist Party and a business associate of former U.S. President Donald Trump's former adviser Steve Bannon. He has been in custody in Brooklyn since his arrest and is set to go on trial on May 22 for allegedly defrauding investors in a media company, cryptocurrency, and other ventures.
An indictment alleges that Guo exploited his substantial online presence and hundreds of thousands of followers by promising high financial returns and other benefits to carry out a scheme that funded his extravagant lifestyle.
During Friday's hearing, Wang admitted to collaborating with Guo and others to deceptively persuade victims to send money through entities such as Guo's GTV Media Group, Himalaya Farm Alliance, and Himalaya Exchange from 2018 to 2023.