Chinese billionaire Guo Wengui has been sentenced to 30 years in prison for orchestrating a $1 billion fraud scheme that targeted thousands of his online supporters. Guo, who used his online platform to criticize the Chinese government, was found guilty of nine charges, including securities offenses, wire fraud, and money laundering.
Prosecutors stated that Guo raised over $1 billion from supporters between 2018 and 2023, convincing them they were investing in various companies and projects. These schemes included a members-only club requiring a minimum $10,000 buy-in and a cryptocurrency platform known as the Himalaya Exchange. Supporters were promised substantial returns and luxury services, and Guo personally assured them he would cover any investment losses.
Instead of fulfilling these promises, Guo allegedly used the funds to acquire a Manhattan penthouse, a New Jersey mansion valued at $50,000 square feet, a Lamborghini worth $1 million, and a $37 million yacht, among other luxury items. The FBI arrested Guo in March 2023. A jury convicted him on the charges the following year.
Guo's former associate, Yvette Wang, received a 10-year prison sentence last year for her involvement in the fraudulent scheme.