Self-exiled Chinese billionaire sentenced to 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 an "astonishing" fraud scheme that defrauded thousands of people out of over $1 billion. The sentencing took place on Monday, June 29, 2026, by U.S. District Judge Analisa Torres, who also ordered Guo to forfeit $889 million in restitution.

Guo, who fled China a decade ago and presented himself as a critic of the Chinese Communist Party, leveraged his online following to promote fraudulent investment and cryptocurrency ventures between 2018 and 2023. Prosecutors stated that he exploited those seeking democracy for personal gain, funding a lavish lifestyle with the illicit proceeds.

A jury convicted Guo in July 2024 on nine counts, including securities fraud, wire fraud, racketeering, and money laundering. Judge Torres noted that Guo showed no remorse for his actions, despite the significant financial and emotional devastation caused to his victims.