Guo Wengui, an exiled Chinese billionaire, was found guilty in federal court of swindling thousands of his followers out of over $1 billion, CNN reports. Guilty of nine out of 12 counts involving racketeering conspiracy and securities fraud, wire fraud and money laundering, Guo, also known as Miles Guo, “faces decades in prison” when the judge hands down a sentence on November 19, according to the prosecutor. “Miles Guo … brazenly operated several interrelated fraud schemes, all designed to fleece his loyal followers out of their hard-earned money” to fund his luxury lifestyle when he was in exile, said U.S. Attorney Damian Williams. “Today, Guo’s schemes have been put to an end.” After the verdict, Guo smiled at his lawyers and dozens of supporters, who filled the courtroom throughout the seven-week trial in New York.
Guo, exiled from China in 2014, gained a huge number of loyal followers during a series of livestreaming events when he portrayed himself as a former insider to reveal scandals, sometimes fabricated, of senior Chinese officials and elite businessmen. Guo is a close ally of former President Trump’s adviser Steve Bannon, who reported to federal prison this month to serve a four-month sentence for defying a congressional subpoena. During closing arguments, prosecutor Ryan Finkel told the jury that Bannon was paid $1 million by Guo because Guo wanted to “use Bannon’s notoriety and his fame to promote himself.” Finkel said that Guo raised more than $1 billion by guaranteeing his online followers that they would not lose money if they invested in his business and cryptocurrency schemes from 2018 to 2023. Prosecutors said Guo used money raised from victims as his “personal piggy bank” to maintain his luxurious lifestyle in the U.S. after governments of China and Hong Kong seized his assets for money laundering investigations in 2017. “Guo’s schemes were sprawling,” Finkel said.