He has a mansion, a yacht and a ‘Lambo’: exiled Chinese tycoon is guilty of fraud in the US

Chinese tycoon Miles Guo, exiled in the United States and close to the American Trumpist networks, was sentenced on Tuesday for defrauding his followers of millions of dollars in his activities against the Beijing government.

A jury in federal court in lower Manhattan unanimously found him guilty of racketeering and several counts of securities fraud, wire fraud and money laundering.

Guo “He brazenly operated several interrelated fraud schemes, all designed to fleece his loyal followers of their hard-earned money so he could live in his 160,000-square-foot mansion, drive his $1 million Lamborghini, or lounge on his $37 million yacht.“said the prosecutor Damian Williams after the verdict was announced.

The US Department of Justice accused Guo Wengui, another name by which he is known, along with the accomplice in the conspiracy, Je Kin Mingof stealing funds from those who participated in an investment scheme they had set up.

In total, the theft would amount to more than US$ 1,000 million.

Arrested in March 2023, the tycoon is close to former President Donald Trump’s former adviser Steve Bannon and to the Trumpist and conspiracy-minded media.

Among his projects as an imaginative businessman, he had announced an auction of “sperm from unvaccinated men” against covid on the conservative social network Gettr, dubbed “the new white gold” by an enthusiastic user of the same.

Refugee in the United States since 2017, Guo He is wanted in China for financial fraud and in Hong Kong for laundering millions of dollars from investment funds.

Using his Cantonese name, Ho Wan Kwok, the Justice Department said that Guo He took advantage of his recognition as a critic of the Chinese government of Xi Jinping, from exile in New York, to build a large mass of followers on the internet.

His supporters were encouraged to donate or invest in businesses and nonprofits controlled by Guo, including the GTV Media group, of which Bannon was the chairman.

This activity was extended to other avenues for raising money, such as an online club that promised its members luxury goods, the cryptocurrency issuer Himalaya Exchange, or the Himalaya Exchange Alliance, which promised its investors GTV shares.

However, the Justice Department said that Guo and Je diverted funds for their own use, including Guo’s New Jersey property, his yacht, a custom Bugatti car and even two mattresses worth $36,000 each.

In 2021, US financial authorities classified GTV’s investment request as an illegal public offering, for which it was fined and ordered to return US$ 487 million to investors.