“He built a global following by presenting himself as a fierce opponent of China’s Communist government. Prosecutors say many of the people who trusted him instead became victims of one of the largest fraud schemes involving a Chinese political activist in the United States.”
Guo Wengui, the Chinese property billionaire who reinvented himself in the United States as a prominent critic of the Chinese Communist Party, has been sentenced to 30 years in prison after being convicted of running a billion-dollar fraud scheme.
The sentence was handed down by US District Judge Analisa Torres in New York, nearly a year after a jury found Guo guilty of multiple offences, including racketeering, fraud and money laundering.
Guo, who is also known as Miles Guo and Ho Wan Kwok, was once regarded as one of China’s wealthiest businessmen before fleeing the country in 2017.
After arriving in the United States, he sought asylum, claiming he was being targeted by Chinese authorities because of his criticism of corruption within the country’s political system.
He quickly built a large online following, particularly among members of the Chinese community living overseas, presenting himself as a campaigner for democracy and political change in China.
But prosecutors argued that behind that public image was an extensive financial fraud.
According to the US government, Guo persuaded thousands of followers to invest in a series of business ventures and cryptocurrency projects between 2018 and 2023, raising more than $1 billion.
Instead of using the money as promised, prosecutors said, Guo spent it on an extravagant lifestyle that included a 50,000-square-foot mansion, a $1 million Lamborghini, and a $37 million luxury yacht.
Guo denied the allegations throughout the case, insisting the money supported his political activities rather than personal luxury.
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Judge Torres rejected that defence during sentencing.
“He preyed on those seeking to bring democracy to China.”
Outside the courtroom, US Attorney Sean S. Buckley said the sentence reflected the seriousness of the crimes.
“Rather than being satisfied with the many legitimate opportunities afforded to him, Guo exploited the trust that thousands had placed in him for his own greed.”
He added:
“Today’s sentence shows that fame and wealth do not place you above the law, and that fraudsters who victimise families to enrich themselves will be met with significant consequences.”
The courtroom was filled with many of Guo’s supporters as the sentence was delivered.
Before leaving China, Guo built his fortune through property development and was known to have close links with influential figures in the Chinese government.
Those relationships later deteriorated after Chinese authorities accused him of corruption, allegations he denied before leaving the country.
His political profile grew significantly after settling in the United States.
Among those he became closely associated with was Steve Bannon, a former adviser to President Donald Trump.
The pair frequently appeared together in online broadcasts and, in 2020, announced the creation of the New Federal State of China, a movement aimed at challenging Communist Party rule.
That same year, Bannon was arrested aboard Guo’s yacht in an unrelated fraud investigation involving fundraising for a project to build a wall along the US-Mexico border.
Bannon later pleaded guilty in a separate New York state case and received a three-year conditional discharge. Earlier federal charges connected to the border wall fundraising campaign were dropped after Trump granted him a presidential pardon during the final hours of his first term in office.
For Guo, the 30-year prison sentence marks a dramatic fall from billionaire businessman and political activist to convicted fraudster.
The case also serves as a warning that even high-profile political figures can face severe legal consequences when accused of exploiting the trust and financial support of their followers.
