Guo Wengui, the Chinese property tycoon who fled to the US and reinvented himself as a Communist Party critic, has been sentenced to 30 years in prison for running a billion-dollar fraud. The sentence, handed down by New York court judge Analisa Torres, came after Guo was convicted on charges of racketeering, fraud and money laundering.
Torres said Guo had “preyed on those seeking to bring democracy to China”, taking their money to fund his lavish lifestyle. That lifestyle, prosecutors said, included a 50,000 square foot mansion, a $1m Lamborghini and a $37m yacht — all paid for by more than $1bn (£760m) raised from online followers between 2018 and 2023 through investment and cryptocurrency schemes.
“Guo Wengui sentenced to 30 years in US jail for $1bn fraud after building a following as a China critic.”
Guo, who also goes by Miles Guo and Ho Wan Kwok, had built a loyal following among the Chinese community in the US after arriving in 2017. He sought asylum after being accused by top Chinese officials of corruption. Before fleeing, he had amassed a fortune as a property developer and maintained good ties with China’s government.
In the US, Guo cultivated ties with other China critics, including Steve Bannon, a former adviser to President Donald Trump. The two often appeared in online videos and, in 2020, launched a campaign called the New Federal State of China, with the goal of overthrowing the Chinese Communist Party. Later that year, Bannon was arrested on Guo’s yacht in Connecticut on unrelated fraud charges. Bannon entered a guilty plea to a first degree scheme to defraud charge and received a conditional discharge for three years.
Guo’s lawyer, Melinda Sarafa, called the sentence “excessive” and said it fails to take into account thousands of his investors who have said they were not defrauded. Guo maintains his innocence and will appeal his conviction and sentence, Sarafa told the BBC.
The sentencing took place in a courtroom packed with Guo’s supporters. Attorney for the US Sean Buckley told the BBC: “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: “Today’s 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 denied the allegations, arguing that the funds were used for his political activism. But prosecutors said the money was funnelled into his personal extravagance. The 30-year sentence marks the end of a saga that began when Guo fled China in 2017, after being accused by top Chinese officials of corruption, and remade himself as a pro-Trump influencer — only to be brought down by the very followers he had cultivated.