Exiled Chinese Tycoon Guo Wengui Convicted of Fraud on Nine Counts, $1 Billion

Jul 16, 2024, 07:35 PM

Exiled Chinese businessman Guo Wengui, also known as Miles Guo, was convicted by a Manhattan federal jury on nine of twelve criminal counts, including racketeering and fraud, in a split verdict. Guo, a prominent critic of the Chinese Communist Party and an ally of Donald Trump associate Steve Bannon, was found guilty of defrauding investors of over $1 billion to fund his luxury lifestyle. The jury acquitted him on three counts, including two related to the Bannon-associated GTV anti-censorship media platform. Guo, who fled to the U.S. and became an outspoken opponent of Beijing's government, stole hundreds of millions of dollars from his online followers and now faces decades in prison. His sentencing is scheduled for November 19.