Chinese tycoon Guo Wengui has been jailed in the US for 30 years for running a billion-dollar scam. Guo, once considered one of the richest Chinese businessmen, fled the country in 2017.
He moved to the US, where he reinvented himself as a critic of the Communist Party, thereby building a strong online presence and gaining a strong fan following. The businessman was later convicted on charges of racketeering, fraud and money laundering.
‘Fame does not place you above law’
Guo’s sentencing was nothing short of a spectacle as the courtroom was packed with his supporters. New York court judge Analisa Torres said that Guo had “preyed on those seeking to bring democracy to China.”
Talking to the BBC, US attorney Sean S Buckley said, “Rather than being satisfied with the many legitimate opportunities afforded to him, Guo exploited the trust that thousands had placed in him for his own greed.”
“Today’s sentence shows that fame and wealth do not place you above the law, and that fraudsters who victimise families to enrich themselves will be met with significant consequences,” he added.
What do we know about him?
Before leaving China, Guo amassed a fortune as a property developer and maintained close ties with government officials.
He later sought asylum in the US after senior Chinese officials accused him of corruption. Guo went on to become a vocal critic of China’s Communist Party and built a large online following, particularly among Chinese communities in the US.
Prosecutors alleged that between 2018 and 2023, Guo raised more than $1billion from online followers through investment and cryptocurrency schemes.
He used the money to fund his lavish lifestyle that included a 50,000 square foot mansion, a $1 million Lamborghini and a $37 million yacht.
In the US, Guo made contact with many notable personalities, including Steve Bannon, a former adviser to US President Donald Trump.
Bannon and Guo frequently appeared together in online videos and, in 2020, launched the New Federal State of China campaign, which aimed to replace the Chinese Communist Party’s rule.
Later that year, Bannon was arrested aboard Guo’s yacht in Connecticut. The arrest was unrelated to Guo and stemmed from a separate case in which Bannon was charged with fraud over allegations that he had deceived donors who contributed to a non-profit effort to build a US-Mexico border wall.
What do you think about this?
Drop your opinion in the comment section.
Share this with someone who needs to see this.