Chinese Exile Guo Wengui Sentenced to 30 Years Over $1bn Fraud
Self-exiled businessman Guo Wengui has been sentenced to 30 years in a US federal prison after being convicted of a $1 billion fraud scheme. A Manhattan judge also ordered the forfeiture of about $889 million. Prosecutors say Guo used his pro-democracy image to lure thousands of followers into investments in ventures like GTV Media Group and a cryptocurrency platform. Instead of funding political causes, the money financed his superyacht, luxury homes and designer goods. During sentencing, the judge condemned the “extraordinary financial deception” and the devastating losses suffered by victims worldwide. Federal lawyers had compared the scale of the scam to some of the biggest financial crimes in recent US history. Guo maintains his innocence and plans to appeal, claiming political bias. Prosecutors reject that defence, saying the case rests on overwhelming evidence of securities fraud, wire fraud, racketeering and money laundering.
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