Chinese billionaire Guo Wengui gets 30 years in U.S. prison for fraud conviction
✓In this courtroom sketch, Guo Wengui, Chinese business tycoon, makes his sentencing statement at Manhattan federal court in New York, Monday, June 29, 2026. Elizabeth Williams/AP hide caption
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Elizabeth Williams/AP
NEW YORK — A self-exiled billionaire Chinese business tycoon once believed to be among China's wealthiest men was sentenced Monday to 30 years in a U.S. prison for a massive financial fraud that a federal judge said cost over 1,000 people worldwide hundreds of millions of dollars.
Guo Wengui, who fled China a decade ago and reinvented himself as a U.S.-based Communist Party critic, was sentenced in a Manhattan courtroom packed with his supporters by Judge Analisa Torres. She said he "preyed on those seeking to bring Democracy to China," taking their money so he could live lavishly.
Before he was sentenced, Guo protested his treatment in jail, saying he was taken to the hospital early Monday. He disputed a prosecutor's portrayal of him as a malinger faking illness, saying he repeatedly vomited as he was returned to jail before being brought to court.
"When I came here, I said: 'I have a tummy ache, I need to go to the bathroom, I don't feel well,'" Guo said through an interpreter of his courthouse arrival. Later, Guo wiped his mouth repeatedly with a tissue.
He only briefly addressed the criminal case, defending his intentions by saying in reference to the Chinese Communist Party: "The reason I came to the U.S. was to destroy the CCP."
The judge, in sentencing him, read snippets of letters she received from victims who described losing their life savings and feeling severely anxious and shamed and having family members turn on them for their poor investment choice.
Torres said Guo "takes no responsibility for his actions and instead insists incredibly his conduct caused no loss and harmed no one." She said he "has called upon supporters to harass and intimidate those who dare to speak out against him."
The judge ordered Guo to forfeit $889 million in restitution.
Wei Chen, a victim who testified at trial, told Torres that Guo's fraud "destroyed my life" and that of her family.
As Guo left the courtroom after the sentencing, supporters applauded and shouted toward him.
FILE - A Twitter page of Chinese exiled businessman Guo Wengui is seen on a computer screen in Beijing, Aug. 30, 2017. Andy Wong/AP hide caption
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Andy Wong/AP
Before his arrest and detention without bail three years ago, Guo grew so close to conservative political strategist Steve Bannon that they announced a joint initiative to overthrow the Chinese government in 2020. He lived in a luxury apartment overlooking Central Park and had joined President Donald Trump's Mar-a-Lago Florida golf club.
Prosecutors had requested he serve at least 30 years in prison, saying his "astonishing" fraud from 2018 to 2023 "destroyed hundreds of lives" and left "a wreckage of victims and families who have been devastated financially, emotionally, and psychologically."
Prosecutors said in court papers that his ill-gotten riches fueled "a lifestyle of extraordinary excess and indulgence, a gilded life of mansions, yachts, race cars, designer clothes and luxury furnishings."
Guo was convicted of nine of 12 criminal charges during a seven-week trial that prosecutors said showcased his deception of thousands of investors in bogus deals that enabled Guo's lavish lifestyle.
In a court filing, Guo's lawyers wrote that he was the victim of the Chinese Communist Party's "grand, pervasive, and life threatening" pursuit of him. They alleged that the party recruited elites in U.S. business, entertainment and politics to conspire against him.
They said in presentence court papers that a lengthy prison term would only validate China's smear campaign and "embolden further efforts to eliminate Chinese dissidents from public life" while defendants in similar cases received prison terms of two-to-four years.
The lawyers noted that a court probation officer wrote to the sentencing judge that Guo, also known as Miles Guo and Ho Wan Kwok, had scars and disfigurements from physical torture he endured in China and subsequent surgeries he underwent from 1993 to 2022 to repair the injuries.
Defense lawyers said Guo's wealth grew as his family became the largest shareholder of China's largest publicly traded securities company, but he became a target of Chinese government officials as he exposed them as corrupt. Eventually, the lawyers wrote, Guo moved to Hong Kong, London and then New York in 2017.
Chinese authorities accused him of rape, kidnapping, bribery and other crimes, but Guo said those allegations were false.
Prosecutors say Guo convinced hundreds of thousands of people to invest more than $1 billion, total, in entities he controlled, including his media company, GTV Media Group Inc., and his so-called Himalaya Farm Alliance and the Himalaya Exchange.
Guo, the government alleged in presentence court papers, was "entirely unrepentant" for his crimes after he took advantage of lax U.S. asylum laws to flourish in America.
Read the full story at BBC ↗ · NPR ↗ · The Guardian ↗
Guo Wengui, a Chinese-born businessman who relocated to the United States over a decade ago, was sentenced in Manhattan federal court to 30 years imprisonment following conviction on fraud charges. Federal prosecutors established that Guo solicited investments from over 100,000 people in entities under his control, including GTV Media Group and the Himalaya Exchange, between 2018 and 2023. The total amount defrauded exceeded $1 billion. Court records indicate the scheme primarily targeted individuals interested in opposition to the Chinese Communist Party. Judge Analisa Torres ordered $889 million in restitution and noted Guo declined to accept responsibility. Guo's defense argued the prosecution reflected politically motivated persecution by Chinese authorities leveraging U.S. legal processes. Prior to arrest, Guo had maintained connections to U.S. conservative political figures and held membership in Mar-a-Lago.
Read the full story at BBC ↗ · NPR ↗ · The Guardian ↗
In this courtroom sketch, Guo Wengui, Chinese business tycoon, makes his sentencing statement at Manhattan federal court in New York, Monday, June 29, 2026. Elizabeth Williams/AP hide caption
toggle caption
Elizabeth Williams/AP
NEW YORK — A self-exiled billionaire Chinese business tycoon once believed to be among China's wealthiest men was sentenced Monday to 30 years in a U.S. prison for a massive financial fraud that a federal judge said cost over 1,000 people worldwide hundreds of millions of dollars.
Guo Wengui, who fled China a decade ago and reinvented himself as a U.S.-based Communist Party critic, was sentenced in a Manhattan courtroom packed with his supporters by Judge Analisa Torres. She said he "preyed on those seeking to bring Democracy to China," taking their money so he could live lavishly.
Before he was sentenced, Guo protested his treatment in jail, saying he was taken to the hospital early Monday. He disputed a prosecutor's portrayal of him as a malinger faking illness, saying he repeatedly vomited as he was returned to jail before being brought to court.
"When I came here, I said: 'I have a tummy ache, I need to go to the bathroom, I don't feel well,'" Guo said through an interpreter of his courthouse arrival. Later, Guo wiped his mouth repeatedly with a tissue.
He only briefly addressed the criminal case, defending his intentions by saying in reference to the Chinese Communist Party: "The reason I came to the U.S. was to destroy the CCP."
The judge, in sentencing him, read snippets of letters she received from victims who described losing their life savings and feeling severely anxious and shamed and having family members turn on them for their poor investment choice.
Torres said Guo "takes no responsibility for his actions and instead insists incredibly his conduct caused no loss and harmed no one." She said he "has called upon supporters to harass and intimidate those who dare to speak out against him."
The judge ordered Guo to forfeit $889 million in restitution.
Wei Chen, a victim who testified at trial, told Torres that Guo's fraud "destroyed my life" and that of her family.
As Guo left the courtroom after the sentencing, supporters applauded and shouted toward him.
FILE - A Twitter page of Chinese exiled businessman Guo Wengui is seen on a computer screen in Beijing, Aug. 30, 2017. Andy Wong/AP hide caption
toggle caption
Andy Wong/AP
Before his arrest and detention without bail three years ago, Guo grew so close to conservative political strategist Steve Bannon that they announced a joint initiative to overthrow the Chinese government in 2020. He lived in a luxury apartment overlooking Central Park and had joined President Donald Trump's Mar-a-Lago Florida golf club.
Prosecutors had requested he serve at least 30 years in prison, saying his "astonishing" fraud from 2018 to 2023 "destroyed hundreds of lives" and left "a wreckage of victims and families who have been devastated financially, emotionally, and psychologically."
Prosecutors said in court papers that his ill-gotten riches fueled "a lifestyle of extraordinary excess and indulgence, a gilded life of mansions, yachts, race cars, designer clothes and luxury furnishings."
Guo was convicted of nine of 12 criminal charges during a seven-week trial that prosecutors said showcased his deception of thousands of investors in bogus deals that enabled Guo's lavish lifestyle.
In a court filing, Guo's lawyers wrote that he was the victim of the Chinese Communist Party's "grand, pervasive, and life threatening" pursuit of him. They alleged that the party recruited elites in U.S. business, entertainment and politics to conspire against him.
They said in presentence court papers that a lengthy prison term would only validate China's smear campaign and "embolden further efforts to eliminate Chinese dissidents from public life" while defendants in similar cases received prison terms of two-to-four years.
The lawyers noted that a court probation officer wrote to the sentencing judge that Guo, also known as Miles Guo and Ho Wan Kwok, had scars and disfigurements from physical torture he endured in China and subsequent surgeries he underwent from 1993 to 2022 to repair the injuries.
Defense lawyers said Guo's wealth grew as his family became the largest shareholder of China's largest publicly traded securities company, but he became a target of Chinese government officials as he exposed them as corrupt. Eventually, the lawyers wrote, Guo moved to Hong Kong, London and then New York in 2017.
Chinese authorities accused him of rape, kidnapping, bribery and other crimes, but Guo said those allegations were false.
Prosecutors say Guo convinced hundreds of thousands of people to invest more than $1 billion, total, in entities he controlled, including his media company, GTV Media Group Inc., and his so-called Himalaya Farm Alliance and the Himalaya Exchange.
Guo, the government alleged in presentence court papers, was "entirely unrepentant" for his crimes after he took advantage of lax U.S. asylum laws to flourish in America.
Read the full story at BBC ↗ · NPR ↗ · The Guardian ↗
Guo Wengui was sentenced to 30 years in prison for fraud affecting over 1,000 people and costing hundreds of millions of dollars He was convicted of 9 of 12 criminal charges during a seven-week trial The fraud schemes operated from 2018 to 2023 through entities including GTV Media Group and the Himalaya Exchange Court records indicate Guo primarily targeted individuals interested in opposition to the Chinese Communist Party Judge Torres stated Guo 'preyed on those seeking to bring Democracy to China' Prosecutors described the fraud as 'astonishing' and said it 'destroyed hundreds of lives' Judge Torres ruled Guo 'takes no responsibility for his actions' The court ordered $889 million in restitution Guo's defense argued he was victim of Chinese Communist Party persecution leveraging U.S. legal processes Guo fled China a decade ago and positioned himself as a Communist Party critic Prosecutors said his ill-gotten wealth funded 'a lifestyle of extraordinary excess and indulgence'
Read the full story at BBC ↗ · NPR ↗ · The Guardian ↗
- Chinese billionaire Guo Wengui was sentenced to 30 years in U.S. prison for fraud affecting over 1,000 people worldwide and costing them hundreds of millions of dollars
- Guo, who fled China a decade ago and positioned himself as a Communist Party critic, defrauded investors in bogus financial schemes from 2018 to 2023 to fund a lavish lifestyle
- He was convicted of 9 of 12 criminal charges and ordered to forfeit $889 million in restitution; he maintains his conduct caused no harm and attributes prosecution to Chinese government conspiracy