A self-exiled Chinese billionaire was sentenced to 30 years in US prison on Monday for defrauding investors of more than $1 billion (€880 million).
A jury in New York found Guo Wengui guilty of multiple crimes, including fraud and money laundering, after a US federal judge said the scheme affected hundreds of people around the world.
Who is Guo Wengui?
Real estate tycoon Guo Wengui also known as Miles Guo and Ho Van Kwok. After facing fraud charges in his native country, he fled China and settled in the US in 2015.
Chinese authorities also accused him of rape, kidnapping, bribery and other crimes. Guo has denied the allegations.
In the US, he became a prominent critic of the Chinese Communist Party (CCP) and an ally of conservative political strategist and former Trump advisor Steve Bannon.
Bannon and Guo announced a joint political movement called the New Federal State of China, describing it as a lobby group with the stated aim of overthrowing the current Chinese government, in June 2020.
However, Bannon was arrested in August 2020 on Guo’s yacht on charges of embezzling funds related to a border wall project, a key promise of US President Donald Trump’s 2016 election campaign.
While Bannon was issued a federal pardon by Trump before the end of his first term, the former Wall Street banker pleaded guilty to similar charges in a state-level case in 2025. Bannon received a three-year conditional discharge, meaning he would not serve any prison time, under the terms of his plea agreement.
Guo was also a member of Trump’s Mar-a-Lago Florida golf club.
In 2023, the Federal Bureau of Investigation (FBI) arrests the billionaire in New York City.
What did the court say?
U.S. District Judge Annalisa Torres said Guo “preyed on those seeking to bring democracy to China,” solely for the sake of his lavish lifestyle.
The judge ordered Guo to forfeit $889 million in restitution.
Prosecutors said the fraud scheme ruined hundreds of investors around the world between 2018 and 2023.
Guo has denied wrongdoing and his lawyers have claimed he was targeted by Chinese authorities.
“The reason I came to America was to destroy the CCP,” he said in court.
His former associate Yvette Wang was sentenced to 10 years in prison last year for her role in the scheme.
Edited by: Darko Janjevic
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