Miles Guo, a Chinese national accused of a "stunning" $1.3 billion fraud scheme, was sentenced to 30 years in prison on Monday. The sentence was handed down by Manhattan federal Judge Analisa Torres, who also ordered Guo to forfeit $889 million in ill-gotten gains.
Guo, 57, used an anti-communist China platform to solicit investments from thousands of supporters between 2018 and his arrest. Prosecutors stated that he used the funds to finance a lavish lifestyle, including a $37 million yacht, a $26 million mansion in New Jersey, and a luxury apartment overlooking Central Park. Bizarre purchases also included two $36,000 mattresses.
A federal jury convicted Guo in July 2024 on charges of racketeering conspiracy, fraud, and money laundering. The prosecution argued that Guo led a criminal enterprise fueled by violence, threats, and fear, rather than a genuine political movement. "Mr. Guo intended to deceive his victims and take their money for his own financial gain," Judge Torres stated during the sentencing.
Throughout his trial and sentencing, Guo maintained a dedicated following. More than 250 supporters filled the courtroom and overflow rooms, with others traveling from abroad to show their support. One supporter, Shawy Miles, who identified as having escaped China, claimed Guo was "set up" by the Chinese Communist Party (CCP). College professor Shu Pingfeng traveled from Marseille, France, to call Guo a "hero" seeking freedom and democracy for Chinese people.
However, over 600 victims also submitted letters to the court detailing the impact of Guo's schemes. Victim Wei Chen testified that she is approximately $1 million in debt due to investments in Guo's sham media and cryptocurrency ventures. "This fraud destroyed my life and my family," Chen said at the hearing.
Guo, who has been associated with former White House adviser Steve Bannon, appeared in court in a tan jail outfit. His sentencing was delayed for several hours due to his claim of illness. Guo delivered a rambling statement to the court, asserting he would appeal the verdict and did not directly address the fraud charges. Judge Torres noted that Guo had shown "no remorse for the harm he has caused for so many people."