[BBC] Self-exiled Chinese businessman Guo Wengui has been convicted by a US court of defrauding his online followers in a billion-dollar scam.He was found guilty on nine of the 12 criminal counts he faced, including racketeering, fraud and money laundering.Guo's sentencing has been scheduled for 19 November, when he could face decades behind bars. He has been in prison since his arrest in March 2023.
He is a critic of the Chinese Communist party and was an associate of Stephen Bannon, an ex-White House chief strategist under former president Donald Trump.
Guo goes by several aliases, including Miles Guo, Miles Kwok and "Brother Seven". He was named as Ho Wan Kwok when he was indicted in 2023.
Prosecutors said Guo raised more than $1bn (£770m) from online followers, who joined him in investment and cryptocurrency schemes between 2018 and 2023.
The money he raised was used to fund Guo's lavish lifestyle which included a 50,000 square foot mansion, a $1m Lamborghini and a $37m yacht, they said.
"Thousands of Guo's online followers were victimised so that Guo could live a life of excess," the US Attorney in Manhattan, Damian Williams, said after the verdict.
Related:
Guo Wengui 09/28/2022 How many Americans doing business in China are acting as Beijing's lobbyists?
Guo Wengui 02/13/2022 Chinese billionaire with close ties to Steve Bannon is fined $134m for moving $28m yacht the former Trump aide was arrested on out of U.S. waters to avoid debt collection
Guo Wengui 08/06/2021 How a fake network pushes pro-China propaganda
Guo Wengui 09/28/2022 How many Americans doing business in China are acting as Beijing's lobbyists?
Guo Wengui 02/13/2022 Chinese billionaire with close ties to Steve Bannon is fined $134m for moving $28m yacht the former Trump aide was arrested on out of U.S. waters to avoid debt collection
Guo Wengui 08/06/2021 How a fake network pushes pro-China propaganda
Related:
Stephen Bannon 06/21/2024 'There is an atmosphere of pederasty.' How the Pope is preparing the way for a successor
Stephen Bannon 11/17/2021 The Memo: Democrats may rue pursuit of Bannon
Stephen Bannon 02/26/2021 Manhattan prosecutors subpoena Bannon financial documents: CNN
Stephen Bannon 06/21/2024 'There is an atmosphere of pederasty.' How the Pope is preparing the way for a successor
Stephen Bannon 11/17/2021 The Memo: Democrats may rue pursuit of Bannon
Stephen Bannon 02/26/2021 Manhattan prosecutors subpoena Bannon financial documents: CNN