Fugitive Chinese Billionaire Guo Wengui Convicted in Massive Fraud Case

Fugitive Chinese billionaire Guo Wengui, also known as Miles Kwok, faced a U.S. jury trial and was convicted this week on nine out of twelve federal criminal charges, including racketeering conspiracy and money laundering. The verdict, announced at the U.S. District Court in the Southern District of New York, brings an end to a months-long investigation into Guo’s financial activities since fleeing China around a decade ago.

During the trial, Guo was accused of operating fraudulent schemes that allegedly deceived thousands of individuals into investing in fake ventures, funding his opulent lifestyle. Prosecutors highlighted his connection to businesses like GTV Media Group Inc., the Himalaya Farm Alliance, and the Himalaya Exchange, through which he purportedly swindled over $1 billion from investors.

After the verdict was delivered, U.S. Attorney Damian Williams condemned Guo’s actions, stating that his elaborate fraud tactics aimed to exploit his devoted followers for personal gain. The prosecution outlined Guo’s extravagant expenditures, including a 50,000 square foot mansion, a $1 million Lamborghini, and a $37 million yacht, allegedly funded by illicit funds.

In his defense, Guo’s legal team contended that the prosecution failed to provide substantial evidence of fraudulent activities. They argued that Guo’s wealth and luxurious lifestyle were not indicative of criminal behavior and that he was a key figure in promoting pro-Chinese democracy movements, attracting thousands of dissidents.

Throughout the case, it was revealed that Guo had established a close relationship with former President Donald Trump and his strategist Steve Bannon. The duo, in 2020, announced a joint effort to challenge the Chinese government. Guo’s questionable financial dealings and the subsequent conviction shed light on the complexities of his public image as a vocal critic of the Communist Party.