Close Menu
Nabka News
  • Home
  • News
  • Business
  • China
  • India
  • Pakistan
  • Political
  • Tech
  • Trend
  • USA
  • Sports

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

EBay stock surges on earnings beat, rosy guidance

July 30, 2025

Apartment rents drop in July as vacancies move to multiyear high

July 30, 2025

Trump announces trade deal, oil partnership with Pakistan

July 30, 2025
Facebook X (Twitter) Instagram
  • Home
  • About NabkaNews
  • Advertise with NabkaNews
  • DMCA Policy
  • Privacy Policy
  • Terms of Use
  • Contact us
Facebook X (Twitter) Instagram Pinterest Vimeo
Nabka News
  • Home
  • News
  • Business
  • China
  • India
  • Pakistan
  • Political
  • Tech
  • Trend
  • USA
  • Sports
Nabka News
Home » Guo Wengui: Chinese businessman convicted in US for $1 billion fraud
China

Guo Wengui: Chinese businessman convicted in US for $1 billion fraud

i2wtcBy i2wtcJuly 17, 2024No Comments2 Mins Read
Share Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp Copy Link
Follow Us
Google News Flipboard Threads
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link


Image source, Getty Images

Image caption, Guo was convicted of fraud, extortion and money laundering.
Article information

  • author, Joao da Silva
  • role, Business reporter
  • 17 July 2024 01:35 BST

    Updated 3 hours ago

Guo Wengui, a self-exiled Chinese businessman, has been convicted in a US court of defrauding his online followers out of $1 billion.

He was convicted on nine of 12 criminal counts, including racketeering, fraud and money laundering.

Guo’s sentencing is scheduled for Nov. 19 and he could face decades in prison. He has been in prison since his arrest in March 2023.

He is a critic of the Chinese Communist Party and an associate of Stephen Bannon, who served as White House chief strategist under former President Donald Trump.

Guo used several aliases, including Miles Guo, Miles Kwok and “Brother Seven.” When he was indicted in 2023, he was known as Ho Wan Kwok.

Prosecutors say Guo raised more than $1 billion from online followers who participated in investment and cryptocurrency schemes between 2018 and 2023.

The funds Mr. Guo raised were used to fund his lavish lifestyle, including a 50,000-square-foot mansion, a $1 million Lamborghini and a $37 million yacht, the people said.

“Thousands of Mr. Guo’s online followers were harmed so that he could live a lavish lifestyle,” Manhattan U.S. Attorney Damien Williams said after the verdict.

Guo’s political activism and ties to prominent right-wing U.S. politicians and activists have earned him hundreds of thousands of online followers, most of whom are Chinese living in Western countries.

Guo’s lawyers tried unsuccessfully to convince the jury that their client was not acting for financial gain.

Instead, they portrayed him as an ardent opponent of China’s political system and reported his flamboyant lifestyle as a criticism of the Chinese Communist Party.

After arriving in the United States in 2017, Guo’s public opposition to China’s rulers led to several business ventures with Bannon.

They frequently appear together in online videos and in 2020 launched a campaign called the “New China Federal State” with the goal of toppling the Chinese Communist Party.

Later that year, Bannon was arrested on an unrelated fraud case while aboard Guo’s yacht in Connecticut and was subsequently pardoned by then-President Donald Trump.

Bannon is currently serving a four-month sentence for contempt of Congress.



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp Copy Link
i2wtc
  • Website

Related Posts

China

China launches low Earth orbit satellite group-Xinhua

July 30, 2025
China

WWII bond lives on as U.S. students pay tribute to Flying Tiger rescued by Chinese people-Xinhua

July 30, 2025
China

China has granted visa-free access to citizens of 75 countries: NIA-Xinhua

July 30, 2025
China

China’s EV ascent rewires auto ties with Europe-Xinhua

July 30, 2025
China

Matsutake forager devoted to delivering nature’s bounty at its finest-Xinhua

July 30, 2025
China

China inaugurates Changan Auto as central SOE-Xinhua

July 30, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

EBay stock surges on earnings beat, rosy guidance

July 30, 2025

House Republicans unveil aid bill for Israel, Ukraine ahead of weekend House vote

April 17, 2024

Prime Minister Johnson presses forward with Ukraine aid bill despite pressure from hardliners

April 17, 2024

Justin Verlander makes season debut against Nationals

April 17, 2024
Don't Miss

Trump says China’s Xi ‘hard to make a deal with’ amid trade dispute | Donald Trump News

By i2wtcJune 4, 20250

Growing strains in US-China relations over implementation of agreement to roll back tariffs and trade…

Donald Trump’s 50% steel and aluminium tariffs take effect | Business and Economy News

June 4, 2025

The Take: Why is Trump cracking down on Chinese students? | Education News

June 4, 2025

Chinese couple charged with smuggling toxic fungus into US | Science and Technology News

June 4, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

About Us
About Us

Welcome to NabkaNews, your go-to source for the latest updates and insights on technology, business, and news from around the world, with a focus on the USA, Pakistan, and India.

At NabkaNews, we understand the importance of staying informed in today’s fast-paced world. Our mission is to provide you with accurate, relevant, and engaging content that keeps you up-to-date with the latest developments in technology, business trends, and news events.

Facebook X (Twitter) Pinterest YouTube WhatsApp
Our Picks

EBay stock surges on earnings beat, rosy guidance

July 30, 2025

Apartment rents drop in July as vacancies move to multiyear high

July 30, 2025

Trump announces trade deal, oil partnership with Pakistan

July 30, 2025
Most Popular

Oil prices fall as traders assess China growth concerns

July 16, 2024

China seeks space dominance and will use it ‘to our detriment’: U.S. spy chief

July 17, 2024

Faced with trade tensions, China vows to focus on its economy

July 19, 2024
© 2025 nabkanews. Designed by nabkanews.
  • Home
  • About NabkaNews
  • Advertise with NabkaNews
  • DMCA Policy
  • Privacy Policy
  • Terms of Use
  • Contact us

Type above and press Enter to search. Press Esc to cancel.