Ultra-wealthy Chinese exile in New York sentenced to 30 years for fraud

Exiled Chinese entrepreneur Guo Wengui received a 30-year prison sentence in New York on Monday for defrauding thousands of individuals out of more than $1 billion. A federal court handed down the sentence after a jury found him guilty of fraud, securities offenses, wire fraud, and money laundering in July 2024.

Guo, also known as Ho Wan Kwok and Miles Guo, leveraged his online notoriety since 2018 to convince people to invest in his companies and projects. Prosecutors alleged that promised lucrative returns and luxury services were a facade, with the funds primarily financing his extravagant lifestyle. He was arrested in March 2023 at his Manhattan apartment.

Having made his fortune in real estate, Guo fled China in 2015, facing accusations of financial fraud for which he was subject to an Interpol red notice. From his New York base, he cultivated an image as a vocal critic of the Chinese Communist Party and a proponent of democracy. During this period, he associated with controversial U.S. right-wing figure Steve Bannon, with whom he co-founded a lobbying group opposing the Chinese Communist Party, called the New Federal State of China.

Bannon himself faced legal issues, including an arrest in 2020 on Guo's yacht related to the alleged embezzlement of funds intended for the U.S. border wall project. Guo Wengui's notoriety resurfaced following his arrest when he announced plans for an online auction of "unvaccinated sperm," based on unsubstantiated claims about vaccine side effects.