A U.S. federal court has sentenced self-exiled Chinese billionaire Guo Wengui, also known as Miles Guo and Ho Wan Kwok, to 30 years in prison after he was convicted of defrauding investors of more than $1 billion (€880 million).
A jury in New York found Guo guilty of multiple offences, including fraud and money laundering, in a scheme that prosecutors said targeted hundreds of investors worldwide between 2018 and 2023.
U.S. District Judge Analisa Torres said Guo exploited people who supported democratic change in China, using their investments to fund an extravagant lifestyle. The court also ordered him to forfeit $889 million in restitution.
Guo, a former real estate tycoon, fled China in 2015 after facing fraud charges. Chinese authorities have also accused him of rape, kidnapping, bribery and other offences, allegations he has consistently denied.
After relocating to the United States, Guo became a vocal critic of the Chinese Communist Party (CCP) and developed close ties with former Donald Trump adviser Steve Bannon. In 2020, the pair co-founded the New Federal State of China, a political movement aimed at opposing the Chinese government.
Guo was arrested by the FBI in New York in 2023. During his sentencing, he maintained his innocence, telling the court that he came to the United States “to destroy the CCP” and arguing that he was being targeted because of his opposition to the Chinese government.
His former associate, Yvette Wang, was previously sentenced to 10 years in prison for her role in the fraud scheme.
