NEW YORK: Self-exiled Chinese businessman Guo Wengui, a vocal opponent of the Chinese Communist Party, has been found guilty of defrauding customers of more than$ 1 billion. A New York federal judge delivered the verdict on Tuesday.
Guo, who is infamous for his fierce condemnation of Beijing and his ties to US-based right-wing activist Steve Bannon, was accused of defrauding thousands of investors into funding his businesses and jobs online. Guo was detained by the FBI in March 2023 at his opulent Manhattan house with a view of Central Park.
GTV Media and G/Clubs, both of which allegedly offered profitable opportunities and luxurious services, were two of the false business endeavors. Alternatively, Guo used the cash to maintain a lavish lifestyle.
” Miles Guo, an exiled Chinese businessman and purported billionaire, brazenly operated several interrelated fraud schemes, all designed to fleece his loyal followers out of their hard-earned money so that Guo could spend his days in his 50, 000 square foot mansion, driving his$ 1 million Lamborghini, or lounging on his$ 37 million yacht”, prosecutors said, referring to Guo by an alias.
A unanimous judge found Guo guilty on nine of the 12 legal matters he faced, including criminal conspiracy, stocks scams, line scams, and money laundering. He will spend years in prison, with a November 19 punishment date.
Guo, who goes by several aliases including Miles Guo, Miles Kwok, and” Brother Seven”, raised over$ 1 billion from his online followers between 2018 and 2023 through investment and cryptocurrency schemes. The prosecution went into great detail about how the funds helped him live an extravagant life.
” Hundreds of Guo’s virtual fans were victimized but that Guo may live a life of excess”, said US Attorney in Manhattan, Damian Williams, following the ruling.
Guo’s political engagement and connections to important right-wing US politicians and activists led to hundreds of thousands of followers, mostly from Chinese expatriates. His relationship with Steve Bannon, a former White House chief strategist under Donald Trump, increased his standing.
Guo and Bannon regularly appeared together in online video, and in 2020 they created the Chinese Communist Party’s New Federal State. While on Guo’s sailboat in Connecticut, Bannon was afterwards detained over an unrelated forgery case, but he was later pardoned by then-President Trump.
Despite attempts by Guo’s lawyers to describe him as a sincere opposition of China’s social program, rather than being driven by cash, the judge was not convinced. Guo remains in prison since his imprisonment in March 2023 and awaits punishment.
