Rich Chinese exile guilty of fraud in New York / Photo: Don EMMERT - AFP
NYSE - LSE
Rich Chinese exile guilty of fraud in New York
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.
They included GTV Media, and G/Clubs, which promised profitable investments or luxury services.
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."
M.F.Schmitz--JdB
