Self-exiled Chinese billionaire Guo Wengui has been sentenced to 30 years in a U.S. prison for orchestrating a massive fraud scheme that targeted his followers and defrauded them of hundreds of millions of dollars.
Guo, who also goes by Miles Guo, was found guilty in March of conspiracy, wire fraud, securities fraud, and money laundering. Prosecutors argued that he used his followers' investments to fund a lavish lifestyle, purchasing luxury properties, private jets, and high-end vehicles, as well as paying for personal expenses.
Prosecutors detailed how Guo exploited the trust of his followers, many of whom were attracted by his anti-communist rhetoric and his promotion of the then-President Donald Trump. He solicited investments in various ventures, including a social media platform called GTV and a financial news outlet called the New Tang Dynasty Television (NTD), promising substantial returns.
Instead of investing the funds as promised, Guo allegedly transferred millions of dollars to his personal accounts and those of his associates, including his executive assistant. The scheme involved at least $1 billion in fraudulent transactions, according to court documents.
Guo, who arrived in the United States in 2014, had cultivated a following among some conservative media figures and politicians. His social media presence and public statements often aligned with anti-China sentiments, which garnered him a sympathetic audience in certain circles.
His legal troubles began to mount as investigations into his financial dealings intensified. The conviction and sentencing mark a significant downfall for the businessman who once held considerable influence and sought to be a prominent voice in opposition to the Chinese government.