June 30 (Citizen News) – Chinese billionaire Guo Wengui, who left China about a decade ago and later lived in the United States as a vocal critic of the Chinese Communist Party, has been sentenced to 30 years in a US prison for his role in a large-scale financial fraud scheme.
The sentence was handed down on Monday in a Manhattan federal court by Judge Analisa Torres, who said the scheme caused losses of hundreds of millions of dollars to more than 1,000 investors around the world. She said Guo exploited people who believed they were supporting a pro-democracy cause in China, while instead using their funds to support an extravagant lifestyle.
Guo addressed the court briefly before sentencing, complaining about his treatment in detention and claiming he had been unwell earlier in the day. He told the court through an interpreter that he had requested medical attention and experienced stomach pain upon arrival.
During his remarks, he also defended his broader mission, saying his purpose in coming to the United States was to oppose and “destroy” the Chinese Communist Party.
The judge cited victim impact statements describing severe financial and emotional harm, including life savings being wiped out and families being deeply affected. She said Guo refused to accept responsibility and continued to deny that his actions caused harm.
He was also ordered to forfeit about US$889 million in restitution.
One victim, Wei Chen, told the court that the fraud had “destroyed” her life and caused lasting damage to her family.
After sentencing, supporters in the courtroom applauded and shouted as Guo was escorted out.
Before his arrest and detention three years ago, Guo had built close ties with US political strategist Steve Bannon and was involved in initiatives aimed at opposing the Chinese government. He also lived in a luxury Manhattan apartment and was a member of Donald Trump’s Mar-a-Lago club.
Prosecutors said his fraudulent schemes between 2018 and 2023 raised over US$1 billion from investors through various entities, funding an extravagant lifestyle that included luxury properties, yachts, cars, and designer goods.
Guo was convicted on nine of twelve criminal charges after a seven-week trial. His lawyers argued that he was a political target of the Chinese government and denied wrongdoing, claiming the case was politically motivated. - Newswire
