According to public information, Guo Wengui was arrested in New York in March 2023 for alleged fraud of more than $1 billion ($7.2 yuan (feature)). He denied the charges and offered a $25 million bail, which was rejected by a U. S. federal court, and has since been held in a federal prison, facing trial on May 22,2024.
Guo was also arrested along with Wang Yanping, who were scheduled to appear in court together on May 22,2024. On May 3, more than two weeks before the trial, Wang suddenly pleaded guilty.
In a public statement from the Federal Attorney's office for the Southern District of New York, Wang's conspiracy to defraud and laundering money was combined, with a maximum sentence of 10 years in prison. Meanwhile, as part of the plea agreement, Wang agreed to pay $1.4 billion in compensation, and confiscated $1.4 billion by the US government.
Without a plea deal, Wang could face life in prison if convicted, the Associated Press reported.