Source: Africa Publicity
A Chinese billionaire, Guo Wengui, has been jailed for 30 years in the United States for a financial fraud scheme that saw over 1,000 people around the world losing hundreds of millions of dollars.
A report by the AFP and AP described Wengui as a self-exiled billionaire Chinese tycoon who fled China a decade ago and reinvented himself in the US as a critic of the Chinese Communist Party (CCP).
Wengui was reportedly sentenced in Manhattan court on Monday, June 29, 2026 by federal judge, Analisa Torres.
He was also ordered to forfeit $889 million in restitution.
A jury unanimously found Guo guilty of fraud, various securities offences, wire fraud and money laundering in 2024.
The FBI arrested him in 2023 in his luxury Manhattan apartment overlooking Central Park.
At Monday’s sentencing, judge Torres says Guo, also known as Miles Guo and Ho Wan Kwok, “preyed on those seeking to bring Democracy to China”, taking their money so he could live lavishly.
The AFP and AP reported that in court, Guo complained of his health and only briefly touched on the criminal case, defending his intentions by saying he had come to the US “to destroy” the CCP.
Judge Torres read snippets of letters she received from victims, who described losing their life savings and feeling severely anxious and shamed, as well as having family members turn on them for their poor investment choice, the report says.
