Exiled Chinese businessman Guo Wengui, also known as Miles Guo, has been found guilty of a billion-dollar scam involving his company, GTV Media Group. The U.S. Attorney Damian Williams announced that Guo has been convicted of racketeering conspiracy, securities fraud, wire fraud, and money laundering, facing a lengthy prison sentence.
Guo was arrested in New York in March 2023 and has been in custody since. Following his arrest, his penthouse in Manhattan caught fire. Prosecutors revealed that Guo defrauded investors of nearly $1 billion to sustain his extravagant lifestyle.
Aside from the criminal charges, the Securities and Exchange Commission has also accused Guo of raising $500 million from retail investors for a cryptocurrency project called H-Coin, falsely claiming it was backed by gold.
Guo has a history of association with political strategist Steve Bannon, who was briefly part of the Trump administration. In 2020, they announced a plan to challenge the Chinese government with the New Federal State of China initiative.
Bannon faced legal issues himself, having been arrested on Guo’s yacht in 2020 for wire fraud and money laundering related to a crowdfunding campaign for a U.S.-Mexico border wall. Although granted a pardon by Trump, Bannon faced separate fraud charges at the state level.
The convictions of both Guo and Bannon shed light on the complex web of financial schemes and political aspirations that have entangled these high-profile figures.