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Court documents have revealed that Yvette Wang, accused of being an accomplice of exiled and indicted Chinese billionaire Guo Wengui, pleaded guilty in New York last week to defrauding many investors out of over $1 billion in “a complex scheme,” prosecutors said. 

Wang’s decision came just weeks before her scheduled trial, where she would have faced charges alongside Guo. She pleaded guilty to one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering.

Federal prosecutors had previously charged Guo with leading a fraudulent operation that swindled thousands of his followers between 2018 and 2023. The scheme promised substantial financial returns and various benefits, yet funds were misappropriated to sustain Guo’s lavish lifestyle.

In a statement, US Attorney Williams remarked, “Through false promises and lies, this scheme collected more than $1 billion from innocent victims located throughout the country and the world. Wang inflicted pain and loss on so many, and she will now be held to account for the harm she and others caused.”

Wang’s legal representation has not yet made any public comments following her guilty plea. As part of the plea agreement, Wang has consented to pay $1.4 billion in restitution and forfeit an equal amount to the US government. 

Her sentencing is scheduled for September 10, with a maximum possible sentence of 10 years.

Meanwhile, Guo, who has pleaded not guilty to all charges including wire fraud and money laundering, remains in custody. His trial is set for May 20. The extravagant spending highlighted in the charges includes purchases of a vast mansion, luxury vehicles, and even a $37 million yacht, funded by the fraudulent scheme.