Self-exiled Chinese billionaire and political activist, Guo Wengui, has been sentenced to 30 years in a United States federal prison for masterminding a multi-billion-dollar fraud scheme that prosecutors said swindled thousands of supporters out of more than $1 billion.
Guo, also known as Miles Guo, Miles Kwok and Ho Wan Kwok, was sentenced on Monday by U.S. District Judge Analisa Torres in a federal court in Manhattan, New York, nearly two years after he was found guilty on multiple fraud-related charges.
In addition to the prison term, the court ordered the forfeiture of about $889 million, with Judge Torres describing the case as an extraordinary financial fraud that inflicted devastating losses on victims across the world.
According to U.S. prosecutors, Guo exploited his reputation as a fierce critic of the Chinese Communist Party (CCP) to convince followers to invest in ventures including GTV Media Group, the Himalaya Exchange cryptocurrency platform and exclusive membership programmes that promised substantial returns.
Instead, investigators said the funds were diverted to bankroll the tycoon’s lavish lifestyle, including luxury mansions, a superyacht, high-end vehicles and designer goods, while thousands of investors lost significant portions of their savings.
Many of the victims, prosecutors said, invested because they believed they were supporting Guo’s pro-democracy campaign and opposition to the Chinese government.
During sentencing, Judge Torres condemned the businessman for betraying the trust of his followers.
“He exploited the hopes and trust of people who believed in his political message,” the judge said, adding that his actions caused “enormous financial and emotional harm” to victims.
Federal prosecutors had urged the court to impose a sentence of at least 30 years, arguing that the scale of the fraud ranked among the largest financial crimes prosecuted in recent U.S. history.
Guo, however, maintained his innocence and told the court he would challenge the conviction on appeal.
His legal team argued that he had been unfairly targeted because of his outspoken criticism of Beijing, insisting his activities were driven by a desire to promote democracy in China.
Prosecutors dismissed that claim, maintaining that the case was built on overwhelming evidence of fraud and had no political motivation.
The former business magnate fled China in 2017 and settled in the United States, where he built a large online following. He was arrested by the FBI in March 2023 and, in July 2024, was convicted on nine criminal charges, including securities fraud, wire fraud, racketeering and money laundering.
His former chief of staff, Yvette Wang, was earlier sentenced to 10 years’ imprisonment for her role in the scheme.
