- Guo Wengui was sentenced to 30 years in prison in the US after being convicted of fraud, racketeering and money laundering.
- Prosecutors said he raised more than £760 million through investment and cryptocurrency schemes.
- Once among China's wealthiest businessmen, Guo later became a prominent critic of the Chinese government.
Chinese businessman Guo Wengui, also known as Miles Guo or Ho Wan Kwok, has been sentenced to 30 years in prison in the US after being convicted of racketeering, fraud and money laundering. Once regarded as one of China's richest property developers, Guo's journey from billionaire businessman to political dissident and convicted fraudster has attracted global attention. Here are five things to know about him.
1. He was once one of China's richest businessmen
Guo built his fortune through property development in China and was once estimated to have a net worth of around £1.9 billion (about $2.6 billion). During his business career, he was considered well connected within China's political and business circles.
2. He fled China and became a vocal critic of Beijing
Guo left China in 2015 and later settled in the US after facing corruption allegations in his home country, which he denied. From exile, he became one of the most prominent critics of the Chinese Communist Party, regularly posting videos and commentary online that attracted a large following, particularly among the Chinese diaspora.
3. Prosecutors accused him of running a billion-dollar fraud
According to US prosecutors, Guo raised more than £760 million (around $1 billion) between 2018 and 2023 through investment opportunities and cryptocurrency ventures promoted to his followers.
Prosecutors alleged the money was used to fund an extravagant lifestyle that included a 50,000-square-foot mansion, a £760,000 Lamborghini (about $1 million) and a £28 million yacht (around $37 million). Guo denied the allegations and maintained the funds supported his political activism.
4. He had close ties with Steve Bannon
Guo worked closely with Steve Bannon, a former adviser to US President Donald Trump. In 2020, the pair launched the New Federal State of China, a political movement that aimed to challenge the Chinese Communist Party.
Bannon was later arrested aboard Guo's yacht in an unrelated fraud investigation connected to fundraising for a US-Mexico border wall project.
5. He will spend decades behind bars
A court in New York sentenced Guo to 30 years in prison, with Judge Analisa Torres saying he had exploited supporters who believed they were contributing to efforts to promote democracy in China. According to the BBC, the judge said Guo had used their money to finance his lavish lifestyle, while US prosecutors argued the case showed that wealth and influence do not place anyone above the law.
The case marks one of the most high-profile fraud convictions involving a Chinese businessman in the US in recent years, bringing an extraordinary rise and fall to a figure who moved from the top ranks of China's business world to becoming one of its most outspoken exiles.
