On Tuesday, a wealthy Chinese businessman Guo Wengui, a self-styled opponent of the authorities in Beijing, was found guilty of defrauding customers of more than $1 billion in a New York federal court.
Guo presented himself as a critic of the Chinese Communist Party and a defender of democracy, while keeping links with US right-wing figure Steve Bannon, recently jailed in a separate case.
The FBI arrested Guo in March 2023 at his Manhattan apartment, in a building overlooking Central Park, accusing him of using his online fame to convince thousands of investors to fund his companies or projects.
They included GTV Media, and G/Clubs, which promised investments or luxury services. But instead of enriching his customers, their funds enabled him to live a life of lavish excess.
Miles Guo, an exiled Chinese businessman and billionaire, operated several interrelated fraud schemes, all designed to fleece his 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’, said prosecutors.
A unanimous jury found Guo guilty of conspiracy and various securities fraud, wire fraud, and money laundering charges. He faces decades in prison.”
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