Exiled Chinese billionaire Guo Wengui has been sentenced to 30 years in a United States federal prison for orchestrating a massive financial fraud that stole hundreds of millions of dollars from his followers.
The sentence was handed down by U.S. District Judge Analisa Torres in a Manhattan federal court on Monday.
The ruling follows Guo’s conviction last year on multiple fraud-related charges, including securities fraud, wire fraud, and money laundering.
Prosecutors proved that Guo exploited the trust of thousands of online followers who believed in his public campaign against the Chinese Communist Party.
He presented himself as a staunch defender of democracy while using his political message to lure victims into fraudulent investment programs.
According to court documents seen by international media outlets, Guo persuaded his supporters to invest in various business ventures and cryptocurrency projects by promising substantial financial returns. Instead, investigators found that much of the money was diverted to fund his personal, highly extravagant lifestyle.
Investor funds were used to purchase a luxury Manhattan penthouse, a yacht, designer goods, and a rare Bugatti supercar.
Prosecutors described the spending as evidence that Guo treated his supporters’ contributions as a personal piggy bank rather than investing the money as promised.
During the sentencing hearing, Judge Torres noted that many of the victims suffered devastating financial losses, with some losing their entire life savings.
She stated that Guo "dedicated himself to increasing his own wealth" and "preyed on those seeking to bring democracy to China."
One victim, Wei Chen, testified that Guo’s fraud destroyed her life and the lives of her family members. Judge Torres also pointed out that Guo took no responsibility for his actions, instead maintaining that his conduct caused no harm.
The U.S. Department of Justice emphasised that the case highlights its commitment to prosecuting large-scale financial crimes, regardless of a suspect’s international profile or political prominence.
Federal investigators spent years tracing the movement of illicit funds through a complex web of accounts and companies linked to Guo.
Guo, who also goes by Miles Guo and Ho Wan Kwok, has long denied any wrongdoing.
Throughout the trial, he maintained that the allegations against him were politically motivated attempts by Beijing to silence his activism.
The 30-year prison sentence marks one of the most severe penalties handed down in a high-profile financial fraud case involving an international businessman.
Judge Torres also ordered Guo to forfeit 889 million dollars in restitution as part of his sentence.