A self-exiled billionaire Chinese business tycoon once believed to be among China’s wealthiest men has been sentenced to 30 years in a US prison for a massive financial fraud.

Guo Wengui, also known as Miles Guo, was convicted of nine of 12 criminal charges during a seven-week trial. He convinced hundreds of thousands of people to invest more than $US1 billion ($1.5 billion) in entities he controlled, including his media company, GTV Media Group, and his so-called Himalaya Farm Alliance and the Himalaya Exchange.

Prosecutors say Guo took the money from investors to fund his lavish lifestyle, including owning mansions, yachts, race cars, designer clothes, and luxury furnishings. He lived in a luxury apartment overlooking Central Park and had joined President Donald Trump’s Mar-a-Lago Florida golf club.

Before he was sentenced, Guo protested his treatment in jail, saying he was taken to the hospital on the morning of his sentence. He disputed a prosecutor’s portrayal of him as a malingerer faking illness, saying he repeatedly vomited as he was returned to jail before being brought to court.

Judge Analisa Torres, in sentencing him, read snippets of letters she received from victims who described losing their life savings and feeling severely anxious and shamed. One victim, Wei Chen, testified that Guo’s fraud “destroyed my life” and that of her family.

The judge said Guo “takes no responsibility for his actions and instead insists his conduct caused no loss and harmed no one.” She said he “has called upon supporters to harass and intimidate those who dare to speak out against him.”

Prosecutors had requested he serve at least 30 years in prison, saying his “astonishing” fraud from 2018 to 2023 “destroyed hundreds of lives” and left “a wreckage of victims and families who have been devastated financially, emotionally, and psychologically.”

Guo was also ordered to forfeit $US889 million in restitution.

Before his arrest and detention without bail three years ago, Guo grew close to conservative political strategist Steve Bannon, with whom he announced a joint initiative to overthrow the Chinese government in 2020.

The Chinese government has accused Guo of rape, kidnapping, bribery, and other crimes, which he denies.

### Key Facts:

  • Guo was sentenced to 30 years in US prison for a massive financial fraud.
  • He convinced hundreds of thousands of people to invest more than $US1 billion ($1.5 billion) in entities he controlled.
  • Guo took the money from investors to fund his lavish lifestyle.
  • He lived in a luxury apartment overlooking Central Park and had joined President Donald Trump’s Mar-a-Lago Florida golf club.
  • Judge Analisa Torres ordered Guo to forfeit $US889 million in restitution.
  • Guo was also accused by the Chinese government of rape, kidnapping, bribery, and other crimes, which he denies.