Chinese Billionaire Convicted of Racketeering and Wire Fraud in US
Chinese Billionaire Convicted of Racketeering and Wire Fraud in US
Exiled Chinese billionaire Guo Wengui, also known as Miles Guo, has been convicted by a U.S. jury on charges including racketeering conspiracy and wire fraud. Guo defrauded followers of over $1 billion, primarily through false investment schemes in cryptocurrency. U.S. Attorney Damian Williams stated that Guo faces decades in prison. His fraudulent activities funded a luxurious lifestyle, including a mansion, a luxury car, and a yacht. Following his arrest in March 2023, the U.S. Department of Justice (DOJ) reported Guo obtained over $262 million via the Himalaya Exchange, a purported cryptocurrency system, and seized $634 million from related accounts. The U.S. Securities and Exchange Commission (SEC) also charged Guo with fraud involving H-coin, falsely claiming it was backed by gold and guaranteeing personal compensation for any losses. Guoâs sentencing is set for Nov. 19, 2024. He has been in prison since his arrest. In 2020, Guo and Stephen Bannon launched the New Federal State of China initiative to overthrow the Chinese government.
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