A U.S. federal judge sentenced Chinese businessman Guo Wengui—also known as Miles Guo—to 30 years in prison for defrauding investors and online followers in a scheme prosecutors said raised more than $1 billion and harmed hundreds of people worldwide.
In court, Judge Analisa Torres said Guo “preyed on those seeking to bring Democracy to China,” diverting money meant for supporters and investment ventures toward his own lavish lifestyle, according to reporting on the sentencing.
Prosecutors said Guo’s fraud operated between 2018 and 2023 and involved bogus investment and cryptocurrency-related schemes promoted to followers. The judge ordered him to forfeit $889 million in restitution.
Guo had been convicted by a jury in 2024 after he was found guilty on nine of the 12 criminal counts, including racketeering, fraud, and money laundering. He maintained that he was targeted because of his political activities and argued the case was driven by the Chinese government.
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