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Steve Bannon-Linked Chinese Businessman Found Guilty in Fraud Scheme
Guo was found guilty on nine charges, including racketeering, fraud, and money laundering
Updated Jul 17, 2024, 2:03 p.m. Published Jul 17, 2024, 5:49 a.m.
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- Guo Wengui, also known as Miles Guo, was convicted of a billion-dollar fraud by U.S. prosecutors in New York.
- Guo has been an associate of fromer Trump strategist Steve Bannon, who was arrested on Guo's yacht in 2020.
Exiled Chinese businessman Guo Wengui, who also uses the alias Miles Guo, has been convicted of defrauding his supporters in a billion-dollar scam involving his company, GTV Media Group.
"Today, Guo’s schemes have been put to an end. Moments ago, a unanimous jury found Miles Guo guilty of racketeering conspiracy and various securities fraud, wire fraud, and money laundering charges. He faces decades in prison," U.S. Attorney Damian Williams said in a statement.
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In March 2023, Guo was arrested in New York, and has been behind bars ever since. Shortly after his arrest, his penthouse in Manhattan's Upper East Side caught fire.
Prosecutors said during the trial that Guo fleeced nearly $1 billion from investors to fund his lavish lifestyle.
Separate from the criminal trial, the Securities and Exchange Commission has charged Guo with an alleged scheme that raised $500 million from retail investors for a crypto venture called H-Coin, which he falsely claimed was 20% backed by gold.
Guo has been a long-time associate of political strategist Steve Bannon, who briefly served in the Trump White House. In 2020, they announced an initiative to overthrow the Chinese government with a plan called the New Federal State of China.
Bannon was arrested on Guo's yacht in August 2020 for conspiracy to commit wire fraud and money laundering related to a crowdfunding scheme to build a border wall between the U.S. and Mexico.
Although later pardoned by Trump, he was subsequently charged in a separate fraud case by state-level prosecutors.
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