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Guo Wengui, a Chinese billionaire linked to Donald Trump’s former Senior Counselor, was found guilty of several charges, including racketeering conspiracy and wire fraud. The self-exiled businessman, who is known as a vocal critic of the Chinese Communist Party (CCP), is set to be sentenced to decades in prison for his $1 billion crypto scheme.

Crypto Investors Fund Chinese Billionaire’s Lavish Life

In March of 2023, Guo Wengui was arrested by the US Federal Bureau of Investigation (FBI) after being charged with securities, wire, and bank fraud by the Securities and Exchange Commission (SEC).

The SEC accused the Chinese businessman, also known as Mile Guo and Ho Wan Kwok, of starting an illegal fraud scheme in 2020 with the launch of a cryptocurrency called “H-Coin.” The US regulator considered that Guo had conducted a “fraudulent securities offering” that collected hundreds of millions of dollars from investors worldwide.

Additionally, Guo was accused of leading others in committing multiple frauds over the years and targeting retail investors through social media to deceive them with lies. Prosecutors argued that the Billionaire promised massive returns to those who invested in his media company, GTV Media Group Inc., founded by the Chinese billionaire and former Trump advisor Steve Bannon.

However, he was believed to have spent crypto investors’ money on a lavish lifestyle and luxury goods, including vehicles, properties, and a yacht. As US attorney Damian Williams stated:

Kwok is charged with lining his pockets with the money he stole, including buying himself, and his close relatives, a 50,000 square foot mansion, a $3.5 million Ferrari and even two $36,000 mattresses, and financing a $37 million luxury yacht.

During the two-month trial in Manhattan federal court, prosecutor Ryan Finkel played videos of the defendant pitching investments and exhibiting a life of excesses. In his closing argument, Finkel called Guo the man “who spouted devious lies to trick his followers into giving him money.”

According to Reuters, the prosecutor highlighted that the Chinese billionaire raised over $1 billion from his crypto scam by guaranteeing investors and online followers that they would not lose money. “They forked over their money to participate in these quote-unquote investment opportunities,” said Finkel.

Guo Found Guilty Of $1 Billion Crypto Scheme

Two weeks ago, the defense lawyer, Sidhardha Kamaraju, sent a letter to Judge Analisa Torres to question the validity of the witnesses’ testimonies. The letter claimed the defense had reasons to suspect that the Chinese ruling party was interfering due to Guo’s political stance.

During the trial, Kamaraju denied the twelve charges against Guo. In his closing argument, the defense argued that the prosecutor’s case was “long on rhetoric but short on specifics, long on talk, but short on evidence.”

The defense claimed that Guo’s flaunting wealth was part of the political movement and a critic of the CCP. Kamaraju also stated that his client “didn’t care about the money, he cares about the movement.”

The goal of making investors rich was also a way to spit in the eyes of the CCP. He’s trying to tell people they can have a better life without the CCP. That they can have nice things.

Nonetheless, the US Attorney’s Office for the Southern District of New York issued a press release on Tuesday revealing that “Guo’s schemes have been put to an end” after the jury unanimously found the defendant guilty.

The Chinese businessman was convicted of nine of the twelve charges, including racketeering conspiracy and various securities fraud, wire fraud, and money laundering charges. Guo’s sentencing will take place in November and is expected to result in decades of imprisonment.

“}]] Guo Wengui, a Chinese billionaire linked to Donald Trump’s former Senior Counselor, was found guilty of several charges, including racketeering conspiracy and wire fraud. The self-exiled businessman, who is known as a vocal critic of the Chinese Communist Party (CCP), is set to be sentenced to decades in prison for his $1 billion crypto scheme.  Read More  Bitcoinist.com