DID Press: A Chinese billionaire who once presented himself in the United States as a prominent critic of the Chinese Communist Party has been sentenced to 30 years in prison for large-scale financial fraud.
The ruling was issued in New York City, where federal judge Analisa Torres sentenced Guo Wengui, also known as Miles Guo, to three decades behind bars.
He was also ordered to pay $889 million in restitution after being convicted of fraud, securities violations, wire fraud, and money laundering. A jury found him guilty in 2024 following a multi-year investigation.
U.S. authorities say the scheme defrauded more than 1,000 victims worldwide, causing hundreds of millions of dollars in losses. The Federal Bureau of Investigation (FBI) arrested Guo in 2023 at his New York residence.
Judge Torres said in court that Guo “abused individuals who believed they were supporting democracy efforts in China and used their funds to finance his luxury lifestyle.”
During the hearing, Guo briefly referred to his health condition but maintained that he came to the United States to “destroy the Chinese Communist Party,” without accepting responsibility for the charges.
Prosecutors described the operation as a systematic fraud campaign between 2018 and 2023 that caused widespread financial and psychological damage to victims. One victim, Wei Chen, said the fraud “destroyed his life and his family’s stability.”
Defense lawyers argued that Guo was the target of an extensive campaign of persecution by the Chinese Communist Party, framing the case as politically motivated.
Guo, a former real estate tycoon, moved to the United States in 2015 and later became a vocal critic of Beijing. He also worked closely with U.S. political figure Steve Bannon and was involved in an anti-China political movement known as the “New Federal State of China.”