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NEW YORK: Self-exiled Chinese businessman Guo Wengui, a vocal opponent of the Chinese Communist Party, has been found guilty of defrauding customers of more than $1 billion. The verdict was delivered by a New York federal court on Tuesday.
Guo, known for his strong criticism of Beijing and his connections with US right-wing figure Steve Bannon, was accused of using his online fame to swindle thousands of investors into funding his companies and projects.The FBI arrested Guo in March 2023 at his luxurious Manhattan apartment overlooking Central Park.
Among the fraudulent ventures were GTV Media and G/Clubs, which promised lucrative investments and luxury services. Instead, Guo used the funds to sustain a lavish lifestyle.
“Miles Guo, an exiled Chinese businessman and purported billionaire, brazenly operated several interrelated fraud schemes, all designed to fleece his loyal 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,” prosecutors said, referring to Guo by an alias.
A unanimous jury found Guo guilty on nine of the 12 criminal counts he faced, including racketeering conspiracy, securities fraud, wire fraud, and money laundering. He faces decades in prison, with sentencing scheduled for November 19.
Guo, who goes by several aliases including Miles Guo, Miles Kwok, and “Brother Seven,” raised over $1 billion from his online followers between 2018 and 2023 through investment and cryptocurrency schemes. Prosecutors detailed how the money funded his opulent lifestyle.
“Thousands of Guo’s online followers were victimized so that Guo could live a life of excess,” said US Attorney in Manhattan, Damian Williams, following the verdict.
Guo’s political activism and connections with prominent right-wing US politicians and activists earned him hundreds of thousands of followers, primarily Chinese expatriates. His association with Steve Bannon, former White House chief strategist under Donald Trump, further bolstered his profile.
Guo and Bannon frequently appeared together in online videos and launched the New Federal State of China in 2020, aiming to overthrow the Chinese Communist Party. Bannon was later arrested over an unrelated fraud case while on Guo’s yacht in Connecticut but was pardoned by then-President Trump.
Despite efforts by Guo’s lawyers to portray him as a fervent opponent of China’s political system, rather than being driven by money, the jury was not convinced. Guo remains in prison since his arrest in March 2023 and awaits sentencing.
Guo, known for his strong criticism of Beijing and his connections with US right-wing figure Steve Bannon, was accused of using his online fame to swindle thousands of investors into funding his companies and projects.The FBI arrested Guo in March 2023 at his luxurious Manhattan apartment overlooking Central Park.
Among the fraudulent ventures were GTV Media and G/Clubs, which promised lucrative investments and luxury services. Instead, Guo used the funds to sustain a lavish lifestyle.
“Miles Guo, an exiled Chinese businessman and purported billionaire, brazenly operated several interrelated fraud schemes, all designed to fleece his loyal 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,” prosecutors said, referring to Guo by an alias.
A unanimous jury found Guo guilty on nine of the 12 criminal counts he faced, including racketeering conspiracy, securities fraud, wire fraud, and money laundering. He faces decades in prison, with sentencing scheduled for November 19.
Guo, who goes by several aliases including Miles Guo, Miles Kwok, and “Brother Seven,” raised over $1 billion from his online followers between 2018 and 2023 through investment and cryptocurrency schemes. Prosecutors detailed how the money funded his opulent lifestyle.
“Thousands of Guo’s online followers were victimized so that Guo could live a life of excess,” said US Attorney in Manhattan, Damian Williams, following the verdict.
Guo’s political activism and connections with prominent right-wing US politicians and activists earned him hundreds of thousands of followers, primarily Chinese expatriates. His association with Steve Bannon, former White House chief strategist under Donald Trump, further bolstered his profile.
Guo and Bannon frequently appeared together in online videos and launched the New Federal State of China in 2020, aiming to overthrow the Chinese Communist Party. Bannon was later arrested over an unrelated fraud case while on Guo’s yacht in Connecticut but was pardoned by then-President Trump.
Despite efforts by Guo’s lawyers to portray him as a fervent opponent of China’s political system, rather than being driven by money, the jury was not convinced. Guo remains in prison since his arrest in March 2023 and awaits sentencing.
