Chinese Billionaire Guo Wengui Sentenced to 30 Years, Cheating Thousands of Investors

Guo Wengui in 2017. (Photo: Wikipedia)

JAKARTA - Chinese billionaire in exile, Guo Wengui, was sentenced to 30 years in prison in the United States after being found guilty of defrauding more than 1,000 investors to the detriment of hundreds of millions of US dollars.

Citing a report by The Independent, Tuesday, June 30, Judge Analisa Torres sentenced the verdict in the Manhattan federal court on Monday. The courtroom was filled with Guo's supporters.

Torres said Guo "preyed on those who wanted to bring democracy to China". According to the judge, Guo took advantage of his supporters' hopes to finance a luxurious lifestyle.

Guo was once known as one of the richest people in China. After leaving his country about a decade ago, he built his image as a critic of the Chinese Communist Party who settled in the United States.

Before the verdict was read, Guo protested against his treatment in prison. He admitted that he had been taken to the hospital on Monday morning and denied the prosecutor's accusation that he was pretending to be sick.

Through an interpreter, Guo said he had a stomach ache and felt unwell when he arrived at the court. He also looked several times to wipe his mouth with tissue.

Guo only briefly alluded to the criminal case that ensnared him. He said the reason for coming to the United States was to "destroy the CCP", referring to the Chinese Communist Party.

When sentencing, Torres read a portion of a letter from the victims. They admitted losing their life savings, experiencing psychological stress, and facing conflicts with their families due to the investment decision.

The judge also stated that Guo was not responsible for his actions. According to Torres, Guo still insists that his actions did not cause any harm and did not hurt anyone.

The court ordered Guo to pay restitution of $889 million. One of the victims, Wei Chen, who testified at the trial, said Guo's fraud had destroyed his life and his family.

The Independent reported that before he was arrested and detained without bail three years ago, Guo was known to be close to conservative political strategist Steve Bannon. In 2020, the two announced a joint initiative to overthrow the Chinese government.

Guo also lives in a luxury apartment overlooking Central Park and is a member of President Donald Trump's Mar-a-Lago golf club in Florida.

Prosecutors said Guo's fraud took place from 2018 to 2023. According to them, the scheme destroyed hundreds of lives, both financially, emotionally, and psychologically.

In court documents, prosecutors said the proceeds of the crime were used to finance luxury homes, yachts, race cars, designer clothes, and luxury furniture.

Guo was found guilty of nine of the 12 criminal charges after a seven-week trial. Prosecutors said he cheated thousands of investors through various fraudulent investment schemes.

The defense team denied the charges. In court documents, they stated that Guo was a victim of the Chinese Communist Party's hunt, which was said to threaten his life.

Guo's lawyers also argued that a long prison sentence would only strengthen the defamation campaign against their client. They assessed that defendants in similar cases were generally sentenced to two to four years in prison.

The defense team also said Guo had scars and physical defects due to the torture he suffered in China. He is said to have undergone a number of surgeries from 1993 to 2022 to recover from the injuries.

According to his lawyer, Guo's wealth grew when his family became the largest shareholder in China's largest public securities company. However, he later became a target after exposing the alleged corruption of a number of Chinese officials.

Chinese authorities have accused Guo of rape, kidnapping, bribery, and various other crimes. Guo has denied all the charges and called them untrue.

Prosecutors say Guo managed to convince hundreds of thousands of people to invest more than $1 billion into various entities he controlled, including GTV Media Group Inc., Himalaya Farm Alliance, and Himalaya Exchange.

In the document leading up to the verdict, the government said Guo showed no remorse for his actions. Prosecutors also assessed that he took advantage of the looseness of asylum rules in the United States to thrive in the country.