A New York federal court has found Guo Wengui, a wealthy Chinese businessman and vocal critic of Beijing, guilty of defrauding customers of over $1 billion.
Prosecutors said Guo, who has ties to US right-wing figure Steve Bannon, was arrested by the FBI in March 2023 at his luxurious Manhattan apartment. He used his online fame to convince thousands of investors to fund his companies, including GTV Media and G/Clubs, promising profitable returns and luxury services.
Instead, Guo used the funds to support his lavish lifestyle, including a 50,000 square foot mansion, a $1 million Lamborghini, and a $37 million yacht.
A jury found Guo guilty of racketeering conspiracy, securities fraud, wire fraud, and money laundering charges. He now faces decades in prison.
