The judge said the government would be “one in a long line of creditors” if he skipped out on bail.
While he has proposed having the bond signed by two adults, including a family member, Torres said several relatives are accused of being recipients of fraud proceeds and Guo has not identified anybody wealthy enough to pay the bond with sufficient ties to the US who would have “moral suasion” over him.
Guo and his financial adviser, Kin Ming Je, are accused of scheming to cheat thousands of victims out of more than US$1 billion using what prosecutors called “a series of complex fraudulent and fictitious businesses and investment opportunities”.
The two allegedly used more than US$300 million of the proceeds to benefit themselves and their families, according to the indictment.
Guo has pleaded not guilty.
GPS monitoring is inadequate, the judge said, because “ankle monitors can be removed and ensure only a reduced head start should a defendant decide to flee”, and hiring private security to watch him “is not as reliable as a federal jail”.
“Further, defendant’s past obstructive conduct in civil litigation, in his bankruptcy proceeding, and in this case, as well as his actions following the SEC order and the seizure of funds, demonstrate that the court does not have reasonable assurance that defendant will abide by any conditions of pretrial release,” Torres wrote.
