![Guo Wengui holds a news conference in New York, the US, in November 2018 [File: Carlo Allegri/Reuters]](https://gateofwise.com/wp-content/uploads/2026/06/2018-11-20T171843Z_1959378282_RC1203A29EF0_RTRMADP_3_CHINA-CORRUPTION-KWOK-1782794564.webp)
Chinese businessman Guo Wengui has been sentenced to 30 years in prison in the United States after being convicted of running a large financial fraud scheme that affected more than 1,000 investors worldwide.
A federal judge said the scheme caused victims to lose hundreds of millions of dollars over several years.
Court Hands Down 30-Year Sentence
The sentence was delivered on Monday by Judge Analisa Torres in a federal court in Manhattan, New York.
Guo, who is also known as Miles Guo and Ho Wan Kwok, was also ordered to forfeit $889 million and pay restitution.
A jury found him guilty in 2024 on multiple charges, including fraud, securities fraud, wire fraud and money laundering.
He was arrested by the FBI in 2023 at his luxury apartment in Manhattan.
Judge Says Investors Were Misled
During sentencing, Judge Torres said Guo took advantage of people who supported democracy in China.
She said he persuaded investors to trust him while using their money to support his luxurious lifestyle.
The judge also read statements from victims who described losing their life savings. Some said they suffered emotional stress and family problems because of their financial losses.
According to the court, Guo did not accept responsibility for his actions and continued to deny that anyone had been harmed.
Victims Describe Heavy Losses
One of the victims who testified during the trial told the court that the fraud had destroyed her family’s life.
Prosecutors argued that Guo’s activities between 2018 and 2023 caused serious financial and emotional damage to hundreds of people.
They asked the court to impose a prison sentence of at least 30 years because of the scale of the fraud.
Defense Blamed Chinese Government
Guo’s lawyers argued that he had been targeted by the Chinese government because of his political activities.
They claimed that a long prison sentence would support China’s efforts to silence critics living abroad.
Guo briefly addressed the court, saying he came to the United States to oppose the Chinese Communist Party. He also raised concerns about his health but did not admit wrongdoing.
Life in the United States
Guo made his fortune through real estate before leaving China in 2015 and settling in New York.
In the United States, he became a well-known critic of the Chinese government and worked closely with political activist Steve Bannon.
Together, they helped establish the New Federal State of China, a group that opposes the Chinese Communist Party.
Bannon was arrested in 2020 aboard Guo’s yacht in a separate case involving alleged fraud connected to fundraising for a US-Mexico border wall project.
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