Guo Wengui Gets 30 Years Behind Bars After US Fraud Conviction

Chinese billionaire Guo Wengui – who also goes by Miles Guo – was handed a 30‑year prison term in New York last Friday for orchestrating a $1bn fraud that preyed on supporters attempting to help usher democracy into China.

The federal court found that Guo raised more than $1bn from online followers between 2018 and 2023 through investment and cryptocurrency schemes. Prosecutors say the money was diverted into a lifestyle that included a 50,000‑square‑foot mansion, a $1m Lamborghini, and a $37m yacht. Guo denied the allegations, claiming the proceeds were used to fund political activism for China‑critic causes.

Text: The sentence was delivered by judge Analisa Torres in a courtroom that was full of supporters. She said the convict had “preyed on those seeking to bring democracy to China,” using their trust for personal enrichment.

US Attorney Sean S Buckley told the BBC that Guo’s “fraudsters who victimise families to enrich themselves will be met with significant consequences.”

Ties to the Trump camp: Guo built relationships with Steve Bannon and launched a “New Federal State of China” campaign in 2020 with the goal of overthrowing the Communist Party. Bannon was arrested at Guo’s yacht in Connecticut, faced unrelated fraud charges, and was later pardoned by President Trump.

Learn more about the fraud charges here.

The verdict underscores that geopolitical ambition does not exempt individuals from the rule of law in the United States.