Chinese tycoon Guo Wengui sentenced to 30 years in US prison for fraud

Exiled Chinese business tycoon Guo Wengui (also known as Miles Guo and Ho Wan Kwok) was sentenced by a US federal court to 30 years in prison for defrauding thousands of victims out of more than $1 billion.

In July 2024, a jury found Guo guilty on nine of 12 charges, which included securities offenses, wire fraud, and money laundering. He had been arrested by the FBI at his luxury Manhattan apartment in March 2023.

US District Judge Analisa Torres imposed an $889 million forfeiture order against Guo. The judge criticized him for exploiting a philanthropic cause, preying on people who hoped for a democratic China, and refusing to accept responsibility.

According to US authorities, Guo used his online prominence as an anti-Chinese Communist Party (CCP) dissident to convince followers to invest in his various companies and projects, promising high returns. Instead, he used the funds to finance an incredibly lavish lifestyle. Guo has maintained his innocence, claiming the money was used for political purposes.

Guo had strong ties to prominent US right-wing figures, notably Steve Bannon, a long-time ally of Donald Trump. Bannon was arrested on Guo’s yacht in 2020 for a separate border-wall fraud scheme, pleaded guilty in 2025, and avoided jail. A former associate of Guo’s, Yvette Wang, was sentenced to 10 years in prison in 2025 for her role in the fraud scheme.