Former Chinese Billionaire Sentenced to 30 Years in US Fraud Case after Billion‑Dollar Scam
- Former Chinese tycoon Guo Wengui has been sentenced to 30 years in a US prison for running a billion-dollar fraud scheme
- Once a property magnate turned political critic, Guo raised over $1bn from followers to fund a lavish lifestyle
- Prosecutors say his conviction shows that wealth and influence cannot shield fraudsters from justice
Guo Wengui, once considered one of China’s wealthiest businessmen, has been sentenced to 30 years in prison in the United States for orchestrating a billion-dollar fraud scheme.
The former property developer fled China in 2017, seeking asylum in the US after being accused of corruption by senior Chinese officials.
Source: Getty Images
According to BBC, he later reinvented himself as a vocal critic of the Chinese Communist Party, building a large online following among Chinese communities abroad.
Racketeering and fraud charges
Guo, also known as Miles Guo and Ho Wan Kwok, was convicted of racketeering, fraud and money laundering. Prosecutors said he raised more than $1bn (£760m) between 2018 and 2023 through investment and cryptocurrency schemes promoted to his followers. The funds were allegedly used to finance his extravagant lifestyle, including a 50,000-square-foot mansion, a $1m Lamborghini and a $37m yacht.
Judge Analisa Torres, presiding in New York, stated that Guo had "preyed on those seeking to bring democracy to China," exploiting their trust for personal gain. US attorney Sean S Buckley added: "Rather than being satisfied with the many legitimate opportunities afforded to him, Guo exploited the trust that thousands had placed in him for his own greed."
Buckley further remarked: "Today's sentence shows that fame and wealth do not place you above the law, and that fraudsters who victimise families to enrich themselves will be met with significant consequences."
Links to Steve Bannon
Guo cultivated ties with other critics of China, including Steve Bannon, a former adviser to US President Donald Trump. The two frequently appeared in online videos and, in 2020, launched the New Federal State of China campaign, aimed at overthrowing the Communist Party. Later that year, Bannon was arrested aboard Guo’s yacht in Connecticut in an unrelated fraud case linked to fundraising for a US-Mexico border wall project.
Bannon pleaded guilty to a first-degree scheme to defraud charge in Manhattan and received a conditional discharge for three years. He also faced federal charges, but the case ended after Trump pardoned him in the final hours of his first term.
Source: Getty Images
Lavish lifestyle and denials
Despite the evidence presented, Guo denied wrongdoing, claiming the funds were used to support his political activism. His sentencing took place in a courtroom filled with supporters, reflecting the loyal following he had built since arriving in the US.
The BBC has contacted Guo’s representatives for comment.
China warns against US interference in Nigeria
Legit.ng earlier reported that the Chinese government has issued a strong warning against foreign interference in Nigeria’s internal affairs, following recent threats by United States President Donald Trump of possible military action over alleged persecution of Christians.
Speaking at a press briefing on November 4, Mao Ning, spokesperson for China’s ministry of Foreign Affairs, said Beijing “firmly supports the administration of President Bola Ahmed Tinubu as it leads its people on the development path suited to its national conditions.”
Source: Legit.ng
