US judge denies bail to Guo Wengui

A New York federal judge has rejected proposed bail of $25 million and ordered Guo Wengui, one of China's most wanted fugitives, to remain in jail while he awaits trial on $1 billion fraud and money-laundering charges, calling him a flight risk and saying the US Justice Department's evidence against him was strong.

The 54-year-old was accused of multiple crimes before he fled China in 2014 and arrived in the United States the following year. He is also the subject of an Interpol Red Notice — an international arrest warrant.

He has been in a New York federal jail since his arrest last month. Federal prosecutors in the US attorney's office in Manhattan alleged Guo took advantage of the hundreds of thousands of followers he amassed online by soliciting investments in a cryptocurrency he developed, a media company and other ventures but diverted much of their money to fund a lavish lifestyle for himself and his family.