Chinese billionaire Guo Wengui sentenced to 30 years for massive fraud scheme

A U.S. federal judge handed down a 30-year prison sentence to Guo Wengui, a Chinese tycoon who defrauded more than 1,000 investors of hundreds of millions of dollars.

Chinese billionaire Guo Wengui sentenced to 30 years for massive fraud scheme

A federal court in the United States sentenced Guo Wengui, a Chinese businessman once counted among his country's wealthiest individuals, to 30 years behind bars on Monday for orchestrating a sweeping financial fraud that left more than a thousand victims with losses exceeding hundreds of millions of dollars.

The presiding judge stated that Guo "preyed on those who wanted to bring democracy to China," stripping them of their savings so he could live in luxury. During the sentencing hearing, the court read aloud letters from victims describing how they lost their life savings, suffered severe anxiety and shame, and saw family members turn against them over the failed investments.

Guo, who had voluntarily sought exile in America, defended his actions by claiming he came to the United States "to destroy the Chinese Communist Party." The judge, however, found that he showed no remorse and instead "incredibly insisted that his behavior caused no loss and harmed no one." According to the court, he also urged supporters to harass and intimidate anyone who dared speak out against him.

In addition to the prison term, Guo was ordered to pay $889 million in restitution. A jury convicted him on nine of twelve charges following a week-long trial. Prosecutors said he persuaded hundreds of thousands of people to invest over $1 billion in entities he controlled, including his media company GTV Media Group Inc., the Himalaya Farm Alliance, and the Himalaya Exchange.

Court filings argued that Guo exploited the laxity of American asylum laws to build his fortune while showing no contrition for his crimes.

Source: 444.hu

Source: 444