Chinese Billionaire Guo Wengui Sentenced to 30 Years in US Prison for $1 Billion Fraud

NEW YORK, June 30: Chinese billionaire Guo Wengui was sentenced to 30 years in a U.S. prison after being convicted of orchestrating a fraud scheme that prosecutors said raised more than $1 billion from followers through fraudulent investments and cryptocurrency ventures.

U.S. District Judge Analisa Torres handed down the sentence after Guo was found guilty of racketeering, fraud, and money laundering.

Guo, who fled China in 2017 and became a vocal critic of the Chinese Communist Party, was accused of exploiting supporters who believed they were backing efforts to promote democracy in China. Judge Torres said he had "preyed on those seeking to bring democracy to China" while using investor funds to finance a lavish lifestyle.

According to prosecutors, Guo collected more than $1 billion between 2018 and 2023 through investment and cryptocurrency schemes, spending the proceeds on luxury assets including a 50,000-square-foot mansion, a $1 million Lamborghini, and a $37 million yacht.

U.S. Attorney Sean S. Buckley said the sentence demonstrated that "fame and wealth do not place you above the law" and that those who defraud investors would face severe consequences.

Guo denied the allegations, maintaining that the funds supported his political activism. He has also maintained ties with prominent China critics, including Steve Bannon.

Meanwhile, China's Foreign Ministry said Guo remains a fugitive wanted under an Interpol> notice issued at Beijing's request.