Fiona Nanna, ForeMedia News

4 minutes read. Updated 9:16AM GMT Thurs, 18July, 2024

Self-exiled Chinese businessman Guo Wengui, also known as Miles Guo or Miles Kwok, has been convicted by a US court on multiple charges related to a billion-dollar fraud targeting his online followers. The verdict, delivered after a lengthy trial, found Guo guilty on nine out of twelve criminal counts, including racketeering, fraud, and money laundering.

Guo’s sentencing is scheduled for November 19, where he faces the possibility of a decades-long prison sentence. He has been in custody since his arrest in March 2023.

Prosecutors detailed how Guo allegedly raised over $1 billion from his online followers through investment and cryptocurrency schemes between 2018 and 2023. The funds reportedly financed Guo’s extravagant lifestyle, which featured a 50,000 square foot mansion, a $1 million Lamborghini, and a $37 million yacht.

US Attorney Damian Williams of Manhattan emphasized the impact on Guo’s followers, describing them as victims of his schemes to support his lavish living.

Guo’s Background and Allegations

Guo, a vocal critic of the Chinese Communist Party, gained notoriety for his outspoken views and association with prominent US figures, including former White House strategist Stephen Bannon. The duo collaborated on various ventures and launched initiatives like the New Federal State of China, aimed at challenging China’s ruling party.

Despite arguments from Guo’s defense portraying him as a political dissident rather than a money-driven criminal, the jury found him guilty on significant charges related to financial misconduct.

Political Connections and Fallout

Guo’s ties to high-profile US politicians and activists, primarily from right-wing circles, bolstered his online following, predominantly among the Chinese diaspora in Western nations. His alliance with Bannon, who faced legal issues of his own unrelated to Guo’s case, further heightened scrutiny over their activities.

Legal Proceedings and Future Implications

The conviction marks a significant legal victory for US authorities pursuing financial crimes with international ramifications. Guo’s case underscores ongoing concerns about financial fraud and the influence of high-profile personalities on global political dynamics.

Guo’s sentencing later this year will determine the extent of his punishment and potential implications for his associates and ongoing legal battles.

Backlinks

For more information on Guo Wengui’s conviction and related legal issues, visit US Department of Justice and BBC News.