A Chinese billionaire and outspoken critic of the Chinese government, Guo Wengui, has been sentenced to 30 years in a United States federal prison after being convicted of a major financial fraud scheme.
A federal judge said Guo’s crimes affected more than 1,000 victims around the world, causing losses of hundreds of millions of dollars.
Guo, also known as Miles Guo and Ho Wan Kwok, was sentenced on Monday by Judge Analisa Torres at a Manhattan court. He was also ordered to forfeit about $889 million in assets and restitution.
The 2024 jury verdict found Guo guilty of fraud, securities offences, wire fraud, and money laundering. Authorities arrested him in 2023 at his luxury apartment in Manhattan, New York.
Prosecutors said Guo used investment schemes between 2018 and 2023 to collect money from supporters, leaving many victims financially and emotionally devastated.
During sentencing, Judge Torres said Guo “preyed on people seeking to bring democracy to China” and accused him of using their money to support a lavish lifestyle.
Several victims told the court they lost their life savings and suffered serious emotional distress because of the scheme.
Guo, who fled China in 2015, became known in the US as a vocal opponent of the Chinese Communist Party (CCP). He worked with US political figure Steve Bannon to establish the New Federal State of China, a group critical of Beijing.
Guo denied wrongdoing and argued that he was targeted because of his opposition to the Chinese government. His lawyers claimed the case was influenced by what they described as a campaign against him by Chinese authorities.
The judge, however, said Guo had shown no acceptance of responsibility for the harm caused to victims.
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