The chief assistant of exiled Chinese businessman Guo Wengui pleaded guilty in the United States on Friday, May 3, to being part of a large-scale scheme with Guo Wengui to deceive thousands of investors out of over $1 billion.
Yvette Wang, 45, admitted in federal court in Manhattan to conspiring to commit wire fraud and conspiring to commit money laundering. Her guilty plea came three weeks before she and Guo Wengui were set to go on trial together.
During the hearing on Friday, Wang admitted to conspiring with Guo Wengui and others to fraudulently induce victims to transfer funds between 2018 and 2023 through entities such as GTV Media Group, Himalaya Farm Alliance, and Himalaya Exchange.
Federal prosecutor Damian Williams stated in a press release, “Wang played a leading role in an extensive and complex fraud scheme. Through false promises and lies, this scheme raised over $1 billion from innocent victims across the country and around the world. Wang has caused pain and losses to many people, and now she will be held accountable for the harm she and others have caused.”
Since her arrest in March 2023 along with Guo Wengui, Wang has been in custody. As part of her plea agreement, she is set to be sentenced by U.S. District Judge Analisa Torres on September 10 and could face up to 10 years in prison.
As part of her plea agreement, Wang has agreed to pay $1.4 billion in restitution and forfeit $1.4 billion to the U.S. government.
Guo Wengui, also known as Miles Kwok or Ho Wan Kwok, is a sharp critic of the Chinese Communist Party.
According to court documents, Guo Wengui used his prolific online persona and hundreds of thousands of followers to promise victims large returns if they invested in GTV, Himalaya Farm Alliance, G|Clubs Operating LLC, and Himalaya Exchange.
Since his arrest in March 2023, Guo Wengui has been held in Brooklyn. He is scheduled to appear in court on May 22 to face charges related to wire fraud, securities fraud, bank fraud, money laundering, and other offenses along with his financial advisor, Kin Ming Je, also known as William Je. Je is additionally charged with obstructing justice and has been revealed to have served as a member of the Chongqing Committee of the Chinese People’s Political Consultative Conference for two terms and is currently on the run.