- Chinese tycoon Guo Wengui was found guilty of multi-year fraud, defrauding followers of over $1 billion.
- Guo, convicted on nine charges, including racketeering and money laundering, faces decades in prison.
Guo Wengui, a Chinese business tycoon who fled his country and gained many online followers for criticizing the Communist Party, was found guilty by a U.S. jury on Tuesday. He was convicted of running a massive multi-year fraud that cheated some of his most loyal supporters.
“Moments ago, a unanimous jury found Miles Guo guilty of racketeering conspiracy and various securities fraud, wire fraud, and money laundering charges. He faces decades in prison,” US Attorney Damian Williams said in a statement.
Once believed to be among the richest people in China, Guo was arrested in New York in March 2023 and has been in prison since then.
During a seven-week trial, he was found guilty of nine out of twelve charges, including racketeering, fraud, and money laundering. Guo's sentencing is set for November 19, and he could spend decades in prison.
“Thousands of Guo’s online followers were victimized so that Guo could live of a life of excess,” the prosecutor said.
Furthermore, he pointed out that Guo raised more than $1bn (£770m) from his online followers, who joined him in investment and cryptocurrency schemes between 2018 and 2023.
It was, in fact, emphasized that Guo brazenly operated several interrelated fraud schemes. All of it was designed to fleece his followers out of their hard-earned money so that he could spend his days in his 50,000 square foot mansion, driving his $1 million Lamborghini, or lounging on his $37 million yacht.
Guo is known by various names, such as Miles Guo, Miles Kwok, and "Brother Seven." His official name, Ho Wan Kwok, was used in his 2023 indictment.
Edited by Harshajit Sarmah
