Guo Wenugi, a Chinese tycoon who also goes by the name Miles Guo (among several others), was convicted July 17 by a New York Jury on nine out of a possible twelve counts relating to a billion-dollar fraud scheme.
The guilty verdict came down on charges of money laundering, racketeering, securities fraud, and wire fraud pursuant to Guo allegedly convincing thousands of online followers to part with more than a billion dollars for bogus investment schemes (including fraudulently-sold stocks and cryptocurrencies) between the years of 2018 and 2023.
The money allegedly went to support what was characterized by prosecutors as an “extravagant lifestyle.” Guo owned a yacht, a gigantic mansion, expensive sports cars, an extensive portfolio of posh real estate, and a sprawling collection of other luxury items.
Damian Williams, the U.S. Attorney on the case, trumpeted his triumph on Wednesday the 17th, saying that the “life of excess” enabled by Guo’s “schemes” which cheated his followers have been “put to an end.”
Before coming to the United States and learning the ways of the American con artist, Guo had found success as a real estate developer in China. He changed his home in 2015 and became a persistent critic of China’s reigning Communist Party. Chinese expatriates were particularly drawn to him, as they shared his loathing of their homeland’s regime and found hope in his persistent claims that he had information that could topple the Chinese Communist Party.
In 2018, Guo founded a pair of non-profit organizations and also established GTV Media Group, Inc in partnership with Steve Bannon, the former chairman of Breitbart News Network and chief political strategist for the Trump White House. Guo then sold $452 million in GTV’s common stock to upwards of 5,500 investors on the promise that he would grow GTV into a giant in the field. His sales pitch claimed that GTV had a value of around two billion dollars on the open market.
