Chinese tycoon Guo Wengui sentenced to 30 years in US prison for fraud | China
A US federal court sentenced Chinese businessman Guo Wengui, who was found guilty of defrauding thousands of people of more than $1 billion, to 30 years in prison.
In July 2024, a jury unanimously found Guo, also known as Ho Wan Kwok and Miles Guo, guilty of nine of 12 charges, including securities crimes, wire fraud and money laundering. The FBI arrested Guo, who is in his fifties, in March 2023 at his luxury Manhattan apartment overlooking Central Park.
At his sentencing hearing in New York on Monday, judge Analisa Torres said Guo was “dedicated to increasing his own wealth” while “preying” on people hoping for a democratic China.
Torres ordered Guo an $889 million forfeiture, condemning Guo’s “exploitation of charitable causes, history of intimidating critics, and refusal to accept responsibility.” The Chinese businessman maintained his innocence, saying he used the funds for political purposes.
Guo, who amassed a fortune as a real estate developer in China, sought asylum in the United States in 2017, claiming political persecution by the Chinese Communist Party (CCP). He later became an outspoken critic of the CCP and portrayed himself as a staunch defender of democracy.
He also maintained ties with right-wing figures such as Steve Bannon, a long-time ally of US President Donald Trump. Bannon was arrested aboard Guo’s yacht in August 2020 for his role in embezzling funds from a plan that promised to specifically build barriers along the US-Mexico border. He pleaded guilty to defrauding donors in February 2025 but avoided prison.
U.S. officials said that after Guo arrived in the United States, he leveraged his online notoriety as a dissident to persuade people to invest in his companies or projects, promising them lucrative returns and luxury services, but instead using the proceeds to fund his lavish lifestyle.
At Monday’s hearing, attended by more than 100 of his supporters, prosecutor Ryan Finkel said Guo “is not a democratic activist, he is a hustler, a fraud and a thief.”
Yvette Wang, a former associate of Guo with whom he founded a lobby group against the CCP, was also sentenced to 10 years in prison last year for her role in the scheme.
