Exiled Chinese Billionaire Guo Wengui Convicted in New York on Nine Counts in $1 Billion Fraud Case

Jul 16, 2024, 10:00 PM

Exiled Chinese billionaire Guo Wengui, also known as Miles Guo, has been convicted by a Manhattan federal jury on nine out of twelve criminal counts, including racketeering and fraud. Guo, a prominent critic of the Chinese Communist Party and an associate of former Trump advisor Steve Bannon, was found guilty on Tuesday of defrauding his followers out of over $1 billion. The funds were allegedly used to support his lavish lifestyle, including a $50,000 square foot mansion, a $1 million Lamborghini, and a $37 million yacht. Guo was acquitted on three counts tied to his media company GTV. He faces decades in prison and is scheduled to be sentenced on November 19. Guo gained wealth and influence by cozying up to politically powerful people in both China and the U.S.