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Tue, 30 Jun 2026

Tue, 30 Jun 2026 Chinese tycoon sentenced to 30 years in US jail

Guo Wengui branded himself as a China critic, gaining followers who backed his fraudulent schemes.
Chinese businessman Guo Wengui, also known as Miles Guo or Ho Wan Kwok, has been sentenced to 30 years in prison in the US for running a billion-dollar scam. Guo was once considered one of China's richest businessmen but fled to the US in 2017 after being accused of corruption by Chinese officials. He reinvented himself as a critic of China's Communist Party and built an online following, raising over $1 billion from investors who joined him in cryptocurrency schemes between 2018 and 2023. The money was used to fund Guo's lavish lifestyle, including a 50,000 sq ft mansion, a $1 million Lamborghini, and a $37 million yacht. Guo denied the allegations, claiming the funds were used for his political activism. However, prosecutors said he preyed on those seeking democracy in China, using their money to fund his own lifestyle. A US court judge described Guo's actions as "brazen" and said he exploited the trust of thousands of people for his own greed. Guo's associates, including former Trump adviser Steve Bannon, were also involved in the scheme.