Self-exiled Chinese billionaire convicted of federal fraud in N.Y.
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Fugitive Chinese billionaire Guo Wengui in New York in 2018. Photo: Don Emmert/AFP via Getty Images
Guo Wengui, a self-exiled Chinese billionaire with links to Trump allies, was convicted of racketeering conspiracy and fraud charges in U.S. federal court in New York on Tuesday.
The big picture: Also known as Ho Wan Kwok, Miles Guo and Miles Kwok, he rose to prominence in 2020 when he and ex-Trump adviser Steve Bannon announced plans to overthrow China's government.
Details: A jury unanimously found Guo guilty of racketeering conspiracy and various securities fraud, wire fraud and money laundering charges, per a statement from the U.S. Attorneys Office in the Southern District of New York following the Manhattan jury's verdict.
- He was found guilty of nine of the 12 charges related to an alleged "complex scheme to solicit more than $1 billion of investments in various entities and programs through false statements and representations," according to multiple reports.
- Guo "brazenly operated several interrelated fraud schemes, all designed to fleece his loyal followers out of their hard-earned money so that Guo could spend his days in his 50,000 square foot mansion, driving his $1 million Lamborghini, or lounging on his $37 million yacht," said Manhattan U.S. Attorney Damian Williams in a statement.
- "Thousands of Guo's online followers were victimized so that Guo could live of a life of excess," Williams added. "He faces decades in prison."
Zoom out: Prosecutors alleged one of Guo's firms paid Bannon $1 million as a consultant, per Bloomberg — which notes that the former Trump White House chief strategist, who's serving a four-month prison sentence for contempt of Congress, was not accused of any wrongdoing in the case.
What we're watching: Guo is expected to appeal the verdict.
