NEW YORK: Self-exiled Chinese language businessman Guo Wengui, a vocal opponent of the Chinese language Communist Celebration, has been discovered responsible of defrauding clients of greater than $1 billion. The decision was delivered by a New York federal courtroom on Tuesday.
Guo, identified for his robust criticism of Beijing and his connections with US right-wing determine Steve Bannon, was accused of utilizing his on-line fame to swindle 1000’s of traders into funding his corporations and tasks.The FBI arrested Guo in March 2023 at his luxurious Manhattan condominium overlooking Central Park.
Among the many fraudulent ventures had been GTV Media and G/Golf equipment, which promised profitable investments and luxurious providers. As a substitute, Guo used the funds to maintain a lavish life-style.
“Miles Guo, an exiled Chinese language businessman and purported billionaire, overtly operated a number of interrelated fraud schemes, all designed to fleece his loyal followers out of their hard-earned cash in order that Guo might spend his days in his 50,000 sq. foot mansion, driving his $1 million Lamborghini, or lounging on his $37 million yacht,” prosecutors mentioned, referring to Guo by an alias.
A unanimous jury discovered Guo responsible on 9 of the 12 prison counts he confronted, together with racketeering conspiracy, securities fraud, wire fraud, and cash laundering. He faces a long time in jail, with sentencing scheduled for November 19.
Guo, who goes by a number of aliases together with Miles Guo, Miles Kwok, and “Brother Seven,” raised over $1 billion from his on-line followers between 2018 and 2023 by means of funding and cryptocurrency schemes. Prosecutors detailed how the cash funded his opulent life-style.
“Hundreds of Guo’s on-line followers had been victimized in order that Guo might stay a lifetime of extra,” mentioned US Lawyer in Manhattan, Damian Williams, following the decision.
Guo’s political activism and connections with distinguished right-wing US politicians and activists earned him a whole bunch of 1000’s of followers, primarily Chinese language expatriates. His affiliation with Steve Bannon, former White Home chief strategist beneath Donald Trump, additional bolstered his profile.
Guo and Bannon regularly appeared collectively in on-line movies and launched the New Federal State of China in 2020, aiming to overthrow the Chinese language Communist Celebration. Bannon was later arrested over an unrelated fraud case whereas on Guo’s yacht in Connecticut however was pardoned by then-President Trump.
Regardless of efforts by Guo’s legal professionals to painting him as a fervent opponent of China’s political system, reasonably than being pushed by cash, the jury was not satisfied. Guo stays in jail since his arrest in March 2023 and awaits sentencing.
Guo, identified for his robust criticism of Beijing and his connections with US right-wing determine Steve Bannon, was accused of utilizing his on-line fame to swindle 1000’s of traders into funding his corporations and tasks.The FBI arrested Guo in March 2023 at his luxurious Manhattan condominium overlooking Central Park.
Among the many fraudulent ventures had been GTV Media and G/Golf equipment, which promised profitable investments and luxurious providers. As a substitute, Guo used the funds to maintain a lavish life-style.
“Miles Guo, an exiled Chinese language businessman and purported billionaire, overtly operated a number of interrelated fraud schemes, all designed to fleece his loyal followers out of their hard-earned cash in order that Guo might spend his days in his 50,000 sq. foot mansion, driving his $1 million Lamborghini, or lounging on his $37 million yacht,” prosecutors mentioned, referring to Guo by an alias.
A unanimous jury discovered Guo responsible on 9 of the 12 prison counts he confronted, together with racketeering conspiracy, securities fraud, wire fraud, and cash laundering. He faces a long time in jail, with sentencing scheduled for November 19.
Guo, who goes by a number of aliases together with Miles Guo, Miles Kwok, and “Brother Seven,” raised over $1 billion from his on-line followers between 2018 and 2023 by means of funding and cryptocurrency schemes. Prosecutors detailed how the cash funded his opulent life-style.
“Hundreds of Guo’s on-line followers had been victimized in order that Guo might stay a lifetime of extra,” mentioned US Lawyer in Manhattan, Damian Williams, following the decision.
Guo’s political activism and connections with distinguished right-wing US politicians and activists earned him a whole bunch of 1000’s of followers, primarily Chinese language expatriates. His affiliation with Steve Bannon, former White Home chief strategist beneath Donald Trump, additional bolstered his profile.
Guo and Bannon regularly appeared collectively in on-line movies and launched the New Federal State of China in 2020, aiming to overthrow the Chinese language Communist Celebration. Bannon was later arrested over an unrelated fraud case whereas on Guo’s yacht in Connecticut however was pardoned by then-President Trump.
Regardless of efforts by Guo’s legal professionals to painting him as a fervent opponent of China’s political system, reasonably than being pushed by cash, the jury was not satisfied. Guo stays in jail since his arrest in March 2023 and awaits sentencing.
