Exiled Chinese Billionaire Guo Wengui Sentenced to 30 Years for $1B Fraud in New York

Guo Wengui, convicted of defrauding thousands of investors out of more than $1 billion, received a 30-year federal prison sentence in New York on Monday.

Chinese Exile Guo Wengui Gets 30 Years in Federal Court for Billion-Dollar Fraud Scheme

Exiled Chinese businessman Guo Wengui was sentenced Monday to 30 years in federal prison in New York after being convicted of defrauding thousands of people out of more than $1 billion, france24.com reports, citing AFP.

A federal jury unanimously found Guo guilty in July 2024 on multiple counts including fraud, securities offenses, wire fraud, and money laundering. Also known as Ho Wan Kwok and Miles Guo, he was accused of exploiting his online following beginning in 2018 to persuade thousands of supporters to invest in his companies and projects. U.S. authorities allege the promised returns and luxury services were largely fabricated, with the funds instead financing his personal lifestyle — including lavish properties and a Bugatti supercar.

The FBI arrested Guo in March 2023 at his luxury Manhattan apartment overlooking Central Park. His former associate Yvette Wang was sentenced the following year to 10 years in prison for her role in the scheme.

Guo, who built his fortune in Chinese real estate, fled to the United States in 2015. He was at the time the subject of an Interpol red notice for financial fraud in China — allegations he has consistently denied. From New York, he cultivated an image as a fierce critic of the Chinese Communist Party and an advocate for democracy, while maintaining a close association with right-wing figure Steve Bannon.

The two men co-founded a lobbying organization opposed to the Chinese Communist Party, the New Federal State of China. Bannon himself was arrested in August 2020 aboard Guo's yacht in a separate case involving the alleged embezzlement of funds tied to a U.S. border wall fundraising effort — a project connected to Donald Trump's 2016 presidential campaign.

Following his own arrest in 2023, Guo drew further attention by announcing plans to organize an online auction of what he described as "unvaccinated sperm," citing a conspiracy theory claiming that vaccines cause mass sterility.

Source: NYT US News