Prosecutors urge no bail for Chinese man in $1B fraud case

Prosecutors are asking a judge to reject bail for a wealthy self-exiled Chinese businessman charged in a $1 billion fraud, saying he's already breaking jail rules, and can flee or do harm even if freed on the most stringent bail conditions. The government has submitted a letter Monday in advance of a bail hearing Tuesday for Guo Wengui. Guo was arrested last month on charges including securities, wire and bank fraud. Last week, his lawyers proposed a $25 million bail package to include location monitoring, home detention and the use of an armed guard to ensure he shows up for court.