New York –

A U.S. judge on Tuesday rejected a request by exiled Chinese businessman Guo Wengui to dismiss an indictment accusing him of defrauding thousands of investors of more than $1 billion.

U.S. District Judge Analisa Torres in Manhattan said prosecutors fully charged Guo with racketeering through four fraud schemes and proved it pending trial.

Guo’s attorney did not immediately respond to a request for comment after business hours.

Guo has pleaded not guilty to 12 criminal charges, including securities fraud, wire fraud, illegal currency transactions and conspiracy, including money laundering.

According to the indictment, Guo and his associates defrauded investors in a media company, cryptocurrency and other businesses.

The indictment alleges that Guo used his extensive online influence and hundreds of thousands of followers to promise huge financial returns and other benefits.

In fact, the scheme allowed the conspirators to enrich themselves and their families and fund Guo’s “lavish lifestyle,” the indictment alleges.

Two co-defendants face related criminal charges, and one defendant is charged with obstruction of justice.

Guo Wengui, also known as Ho Wan Kwok and Miles Kwok, is a critic of the Chinese Communist Party and a business partner of Steve Bannon, a former adviser to former U.S. President Donald Trump.

Guo has been incarcerated in Brooklyn, New York City, since his arrest in March 2023, and Torres and a federal appeals court last year rejected his bid for $25 million bail.

Jury selection for his trial is scheduled to begin on May 20.

Prosecutors are also seeking the forfeiture of various assets, including bank accounts, a yacht worth $37 million, a New Jersey mansion, a Bugatti, a Lamborghini and a Rolls-Royce.

Guo filed for Chapter 11 bankruptcy protection in Connecticut in February 2022. The case was later consolidated with the bankruptcies of other companies he controlled. Torres has twice rejected Mr Guo’s requests to delay bankruptcy proceedings.