Chinese tycoon sentenced to 30 years in US jail Guo Wengui, who was once believed to be one of China’s richest businessmen, has been sentenced to 30 years in jail in the US for running a billion dollar scam. The former property tycoon had fled China to the US in 2017, where he reinvented himself as a Communist Party critic and built a loyal online following. But Guo was later convicted on charges of racketeering, fraud and money laundering. New York court judge Analisa Torres
said Guo had “preyed on those seeking to bring democracy to China”, taking their money to fund his lavish lifestyle. Guo – who goes by several names, including Miles Guo and Ho Wan Kwok – was sentenced in a courtroom packed with his supporters. US attorney Sean S Buckley told the BBC: “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.” “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,” Buckley said. Before fleeing China, Guo built a fortune as a property developer and had good ties with the country’s government. But he sought asylum in the US after being accused by top Chinese officials of corruption. Guo became a critic of China’s Communist regime and cultivated a wide online following among the Chinese community in the US. He built ties with other
China critics, including Steve Bannon, a former adviser to US President Donald Trump. Prosecutors said Guo raised more than $1bn (£760m) from online followers, who joined him in investment and cryptocurrency schemes between 2018 and 2023. The money he raised was used to fund Guo’s lavish lifestyle which included a 50,000 square foot mansion, a $1m Lamborghini and a $37m yacht, they said. Guo denied the allegations, saying the funds were used for his political activism.
Guo Wengui, Miles Guo, Ho Wan Kwok, 30 years sentence, racketeering, fraud, money laundering, New York court, billion-dollar scam, cryptocurrency scheme, Steve Bannon, Sean S Buckley, Analisa Torres
30 years is wild. I never trusted those crypto “activist” guys anyway.
Wait so he was for democracy but also scammin ppl? Sounds like those online influencers always got some excuse. I’m just shocked they gave him that long, like wow.
He escaped China and then got mad at the Communist Party, so I thought the US would be all for him. But apparently he was taking money for crypto schemes? Doesn’t it kind of prove everyone just uses politics to hustle. Also Steve Bannon?? like that’s the part I don’t get.
30 years seems kinda low tbh, he had a yacht right? But then they say he “preyed on those seeking democracy” like that’s a whole category. People gave him $1bn and it’s just gone into a mansion and a car… why were they even investing with some random guy? This story makes me feel like the whole crypto thing is just rich people laundering money through “followers.”