Self-exiled Chinese billionaire gets 30 years in US jail for ‘astonishing’ fraud

A self-exiled Chinese billionaire, Guo Wengui, also known as Miles Guo, has been sentenced to 30 years in a U.S. prison for orchestrating a vast and intricate financial fraud scheme. The sentencing took place on June 29, 2026, in a Manhattan courtroom. Guo, who portrayed himself as a critic of the Chinese Communist Party, was found guilty in July 2024 of defrauding thousands of his followers of over $1 billion through bogus investments, including unregistered stock offerings, a luxury membership club, and a sham cryptocurrency exchange.

Prosecutors highlighted that Guo Wengui exploited his loyal followers, many of whom were Chinese emigres seeking democracy, to fund an extravagant lifestyle. This included acquiring mansions, yachts, and luxury vehicles, with U.S. Attorney Damian Williams describing the scheme as designed to "fleece his loyal followers out of their hard-earned money."

U.S. District Judge Analisa Torres, who presided over the case, stated that Guo "preyed on those seeking to bring Democracy to China" and demonstrated no remorse for his actions. She ordered him to forfeit $889 million in restitution to his victims, who described losing their life savings and suffering severe emotional and financial distress.