Chinese Billionaire Sentenced to 30 Years in Prison
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A U.S. court has sentenced Guo Wengui, one of China's wealthiest businessmen, to 30 years in prison for a $1 billion fraud scheme.
The real estate magnate fled China for the United States in 2017. He gained widespread online popularity as a vocal critic of China's ruling Communist Party.
However, Guo was later convicted on charges including extortion, fraud, and money laundering. Known by multiple aliases such as Miles Guo and Ho Wan Kwok, Guo's supporters turned out in large numbers at the courthouse during his sentencing.
U.S. District Judge Analisa Torres in New York said Guo exploited funds from those seeking to establish democracy in China to finance his own lavish lifestyle.
U.S. Attorney Sean S. Buckley said that unsatisfied with the many legitimate opportunities given to him, Guo abused the trust of thousands of people for his own greed.
Buckley added that today's ruling demonstrates that fame and wealth are not above the law, and that deceivers who enrich themselves by betraying trust must face severe consequences.
Before fleeing China, Guo had amassed enormous wealth as a property developer and maintained close ties with the Beijing government.
But after being accused of corruption against senior Chinese officials, he sought and obtained political asylum in the United States.
Guo became a critic of China's communist rule and built a large online following among the Chinese diaspora in the U.S.
He also forged ties with other China critics, including Steve Bannon, former advisor to U.S. President Donald Trump.
Bannon and Guo frequently appeared together in online videos and, in 2020, launched a campaign called the "New Federal State of China" aimed at overthrowing the Chinese Communist Party.
Prosecutors said that between 2018 and 2023, Guo collected more than $1 billion (£760 million) from his online followers, who invested in his projects and cryptocurrency schemes.
According to prosecutors, the funds were used to finance Guo's extravagant lifestyle, which included a 50,000-square-foot mansion, a $1 million Lamborghini, and a $37 million yacht.
Guo denied the charges, claiming the funds were used for his political activities.
Source: BBC
