US appeals court rejects bail for Chinese businessman awaiting fraud trial

A U.S. federal appeals court has rejected a bid for bail by a self-exiled Chinese businessman awaiting trial in a $1 billion fraud case. The 2nd U.S. Circuit Court of Appeals in Manhattan issued a two-page order Wednesday saying Guo Wengui will remain behind bars as ordered by a judge in a lower court. In April, Judge Analisa Torres said there was clear and convincing evidence that Guo might not obey court orders and could harm the community if freed. Guo was arrested in March on charges including wire and securities fraud. He has pleaded not guilty.