Judge nixes bail for Chinese businessman in $1B fraud case

A New York federal judge says a self-exiled Chinese businessman charged in a $1 billion fraud case will remain behind bars after she rejected a proposed $25 million bail package. Judge Analisa Torres said in a written opinion Thursday that there was clear and convincing evidence that Guo Wengui won't obey court orders and will cause economic harm to the community if he is freed. She said he has continued to promote fraudulent investment opportunities even after funds were seized from his businesses last year. Guo was arrested last month on charges including wire and securities fraud. He has pleaded not guilty.