Wealthy self-exiled Chinese businessman goes on trial in alleged $1 billion fraud scheme

Guo Wengui, a Chinese businessman who became a U.S.-based critic of China's Communist Party, has gone on trial for what prosecutors allege were frauds that cheated people out of more than $1 billion.

Judge Analisa Torres told dozens of prospective jurors crowded into a courtroom that they were being considered for a jury that will decide the fate of 12 criminal charges alleging that Guo operated four fraudulent investment schemes.

By lunchtime, half of them had been dismissed after they provided reasons why a lengthy trial would create a hardship. Still, it was likely that opening statements would occur Thursday.