Chinese property tycoon and political activist Guo Wengui has been sentenced to 30 years in a U.S. federal prison for defrauding thousands of his online followers. A New York jury convicted Guo in July 2024 of nine charges, including racketeering conspiracy, wire fraud, securities fraud and money laundering.
Guo, who is also known as Miles Guo and Ho Wan Kwok, raised more than $1 billion through investment and cryptocurrency schemes between 2018 and 2023. Prosecutors said more than 1,000 victims worldwide lost hundreds of millions of dollars.
U.S. District Judge Analisa Torres said Guo had exploited people who hoped to support efforts to bring democracy to China. She also criticised his refusal to accept responsibility and his attempts to intimidate critics.
Fraud Proceeds Funded Luxury Purchases
According to the U.S. Department of Justice, Guo used money from his followers to support an expensive lifestyle rather than the businesses and political causes he promoted. Purchases included a large mansion, luxury vehicles, expensive furnishings and a $37 million yacht.
The schemes involved ventures such as GTV Media Group, the G Club membership programme and the Himalaya Exchange cryptocurrency platform. Guo attracted investors through his online following and promises of strong returns, exclusive services and support for opposition to the Chinese Communist Party.
The court also ordered Guo to forfeit approximately $889 million, according to the Justice Department’s official sentencing announcement. Authorities have established a process to determine how forfeited assets may be returned to victims.
Guo’s lawyer, Melinda Sarafa, called the 30-year sentence excessive and said it failed to account for supporters who maintain that they were not deceived. She said Guo continues to deny wrongdoing and plans to appeal both his conviction and sentence.
Guo Built a Following After Leaving China
Guo made his fortune through property development and maintained connections with Chinese officials before leaving the country. He moved to the United States in 2017, sought asylum and presented himself as an outspoken critic of China’s Communist Party.
He later developed ties with former Trump adviser Steve Bannon. The two appeared together in videos and announced the New Federal State of China campaign in 2020, which called for the removal of the Chinese Communist Party.
Bannon was arrested aboard Guo’s yacht that year in an unrelated fundraising fraud case involving a campaign to build a wall along the U.S.-Mexico border. He later pleaded guilty in a New York state case and received a three-year conditional discharge, while President Donald Trump had previously pardoned him in the related federal case.
Acting U.S. Attorney Sean Buckley said Guo had exploited the trust placed in him for personal gain. He said the sentence showed that fame and wealth did not place defendants above the law.
Featured image credits: Magnific.com
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