Defining the News
New York, United States – A wealthy Chinese businessman Guo Wengui, a self-styled opponent of the authorities in Beijing, was found guilty of defrauding customers of more than $1 billion in a New York federal court on Tuesday, prosecutors said.
Guo presented himself as a fierce critic of the Chinese Communist Party and a fervent defender of democracy, while keeping links with US right-wing figure Steve Bannon, recently jailed in a separate case. The FBI arrested Guo in March 2023 at his luxurious Manhattan apartment, in a building overlooking Central Park, accusing him of using his online fame to convince thousands of investors to fund his companies or projects.But instead of enriching his customers, their funds enabled him to live a life of lavish excess.
“Miles Guo, an exiled Chinese businessman and purported billionaire, 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,” prosecutors said, referring to Guo by an alias.
A unanimous jury found Guo guilty of racketeering conspiracy and various securities fraud, wire fraud, and money laundering charges. He faces decades in prison.”
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