Exiled Chinese businessman Guo Wengui, also known as Miles Guo, has been found guilty of defrauding his followers as part of a multibillion-dollar scam linked to his company GTV Media Group.
“Thousands of Guo’s online followers were victimized so that Guo could live in excess. Today, Guo’s plans were abandoned,” announced US Attorney Damian Williams in a statement.
He added that a unanimous jury reached a verdict that resulted in charges of racketeering conspiracy, securities fraud, wire fraud and money laundering, potentially resulting in decades in prison for Guo.
Guo’s legal troubles began in 2023
Guo’s legal troubles began in March 2023, when he was arrested in New York. He has been in custody since then. It is worth noting that shortly after his arrest, a fire broke out in his luxury apartment in Manhattan’s Upper East Side .
During the trial, prosecutors presented evidence showing that Guo had defrauded investors of nearly $1 billion to finance his extravagant lifestyle.
In addition, in a separate case, the Securities and Exchange Commission (SEC) brought charges against Guo in connection with an alleged scheme related to a crypto venture called H-Coin.
The venture allegedly raised $500 million from retail investors, and Guo falsely claimed it was backed by 20% gold reserves. Guo has a long-standing relationship with political strategist Steve Bannon, who briefly worked in Trump‘s White House.
In 2020, they jointly announced an initiative called the New Federal State of China, aimed at overthrowing the Chinese government. Bannon himself suffered legal consequences when he was arrested on Guo’s yacht in August 2020.
He was charged with conspiracy to commit electronic fraud and money laundering in connection with a crowdfunding campaign for a border wall between the United States and Mexico.
Although Bannon was later pardoned by former President Trump, he faced separate fraud charges from state-level prosecutors.
