Former Chinese businessman Guo Wengui, once considered one of the richest people in China, has been sentenced in the United States to 30 years in prison for orchestrating a fraudulent scheme worth over $1 billion. This is reported by BBC, writes UNN.
Details
Guo Wengui, also known as Miles Guo and Ho Wan Kwok, left China in 2017 and moved to the United States, where he became a prominent critic of the Chinese Communist Party. He was later found guilty on charges of racketeering, fraud, and money laundering.
U.S. District Judge Analisa Torres of New York stated that the businessman "preyed on those who sought to bring democracy to China," using their funds to finance his own lavish lifestyle.
What investor money was spent on
"Instead of being satisfied with the numerous legitimate opportunities available to him, Guo abused the trust that thousands of people placed in him for his own greed,"
"Today's sentence shows that fame and wealth do not place you above the law, and that fraudsters who victimize families for their own enrichment will face significant consequences," he added.
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According to the prosecution, between 2018 and 2023, Guo raised over $1 billion from his online followers through investment and cryptocurrency schemes. The investigation claims he spent these funds on a luxurious lifestyle, including a mansion of about 4,600 square meters, a Lamborghini worth $1 million, and a yacht for $37 million.
Guo Wengui himself denied the charges, stating that the funds received were used for his political activities.