Guo Wengui, the Chinese tycoon who fled to the United States and reinvented himself as a fierce critic of Beijing, has been sentenced to 30 years in prison for running a billion-dollar scam that exploited followers who believed they were funding a democratic movement for China.
New York court judge Analisa Torres told the packed courtroom that Guo had “preyed on those seeking to bring democracy to China”, siphoning their money to fund his own lavish lifestyle. The former property developer, who once ranked among China’s wealthiest businessmen, was convicted on charges of racketeering, fraud and money laundering.
“Chinese tycoon Guo Wengui sentenced to 30 years in US for defrauding followers out of over $1bn.”
US attorney Sean S Buckley said: “Rather than being satisfied with the many legitimate opportunities afforded to him, Guo exploited the trust that thousands had placed in him for his own greed.” Buckley added that the sentence “shows that fame and wealth do not place you above the law, and that fraudsters who victimise families to enrich themselves will be met with significant consequences.”
Guo, who also goes by the names Miles Guo and Ho Wan Kwok, fled China in 2017 after being accused by top Chinese officials of corruption. He sought asylum in the United States, where he built a loyal online following by branding himself as a Communist Party critic. Prosecutors said that between 2018 and 2023, he raised more than $1bn (£760m) from his followers through investment and cryptocurrency schemes.
Rather than advancing political change, the money was used to bankroll an extravagant lifestyle. Guo purchased a 50,000-square-foot mansion, a $1m Lamborghini and a $37m yacht. He denied the allegations, insisting the funds were used for political activism.
Guo forged close ties with other prominent China critics, including Steve Bannon, a former adviser to US President Donald Trump. The pair frequently appeared in online videos and, in 2020, launched a campaign called the New Federal State of China, which aimed to overthrow the Chinese Communist Party. Later that year, Bannon was arrested on Guo’s yacht in Connecticut on unrelated fraud charges connected to a scheme to build a wall on the US-Mexico border. Bannon later pleaded guilty and received a conditional discharge for three years. He also faced federal charges over the wall campaign but was pardoned by Trump in the final hours of his first term.
The BBC has contacted Guo’s representatives for comment. The sentence marks the end of a dramatic fall from grace for a man who once had close ties with the Chinese government before becoming one of its most vocal overseas opponents.