Exiled Businessman Guo Wengui Convicted of Massive Fraud Scheme

Guo Wengui, a Chinese businessman known for his opposition to Beijing’s government, was convicted in the U.S. for stealing hundreds of millions from his online followers. The trial revealed that Guo used investments and cryptocurrency schemes as a front to fund his lavish lifestyle. Sentencing is set for Nov. 19.

Guo Wengui, an exiled Chinese businessman and outspoken opponent of Beijing's communist regime, was convicted on Tuesday on charges of stealing hundreds of millions of dollars from his online followers.

The trial, which spanned seven weeks, saw Guo convicted on nine of 12 criminal counts, including racketeering conspiracy and wire fraud. He now faces the possibility of decades in prison, with U.S. District Judge Analisa Torres scheduling his sentencing for Nov. 19.

Federal prosecutors in Manhattan revealed that Guo had raised over $1 billion by assuring social media followers they wouldn't lose money if they joined his investment and cryptocurrency ventures from 2018 to 2023. Instead, prosecutors say the former real estate mogul funneled the funds into luxury items, such as a New Jersey mansion, a red Lamborghini, and a yacht. "Thousands of Guo's online followers were victimized so that Guo could live a life of excess," stated Damian Williams, U.S. Attorney in Manhattan, following the verdict.

Guo's defense framed him as a dedicated dissident who showcased his wealth to critique the Chinese Communist Party (CCP). Defense lawyer Sidhardha Kamaraju insisted, "Mr. Guo didn't care about the money. He cared about the movement." Prosecutor Juliana Murray countered, affirming Guo's dedication to the anti-CCP movement but arguing that his personal gain was a significant motive.

During the trial, evidence included videos of Guo promoting investments from a yacht and keys to a Lamborghini found on his Connecticut estate. The defense claimed these assets were meant for a luxury membership club for followers, not Guo's personal property. Furthermore, a video of Steve Bannon, former adviser to U.S. President Donald Trump, promoting one of Guo's ventures in 2018 was also presented. Bannon was arrested in 2020 on Guo's yacht in a separate fraud case and later pardoned by Trump.

(With inputs from agencies.)