Chinese tycoon Guo Wengui has been sentenced to 30 years in a United States prison for running a fraud worth over $1 billion. The former billionaire property developer was found guilty of racketeering, fraud and money laundering.
Once seen as one of China’s richest men, Guo fled to the US in 2017. There, he became a strong critic of China’s Communist Party and attracted thousands of loyal online supporters. However, US prosecutors said he later used that trust to deceive investors and finance his luxury lifestyle.
According to prosecutors, Guo raised more than $1 billion through investment and cryptocurrency schemes between 2018 and 2023. The money allegedly paid for a 50,000-square-foot mansion, a $1 million Lamborghini and a $37 million yacht.
Guo Wengui Sentencing
During sentencing, Judge Analisa Torres said Guo had “preyed on those seeking to bring democracy to China.” She added that he took supporters’ money while claiming to fight for political change. The judge also ordered him to forfeit about $889 million and pay restitution to victims. Prosecutors said more than 1,000 people worldwide lost hundreds of millions of dollars.
Meanwhile, Guo denied any wrongdoing. He insisted the money supported his political activities and not personal luxury. Speaking through an interpreter, he told the court, “The reason I came to the US was to destroy the CCP.” Before sentencing, he also complained about his health and treatment in detention.
Still, Judge Torres said Guo accepted no responsibility for his actions. She noted that many victims lost their life savings and suffered emotional pain because of the scheme. One victim, Wei Chen, told the court the fraud “destroyed my life.”
Guo also built close ties with former Donald Trump adviser Steve Bannon. Both men launched the New Federal State of China campaign in 2020, calling for the overthrow of China’s Communist Party. Bannon was later arrested on Guo’s yacht in an unrelated fraud case involving donations for a US-Mexico border wall.
Although Bannon later received a presidential pardon in the federal case, Guo’s legal battle ended differently. US Attorney Sean S. Buckley said, “Today’s sentence shows that fame and wealth do not place you above the law.”
