Bitrabo Editorial
Guo Wengui, a prominent Chinese billionaire associated with former Senior Counselor to Donald Trump, has been convicted of multiple offenses, such as racketeering conspiracy and wire fraud. Known for his criticisms of the Chinese Communist Party (CCP), Guo faces a lengthy prison term over his involvement in a $1 billion cryptocurrency scam.
Ill-Gotten Gains Funded Guo’s Extravagant Lifestyle
Guo Wengui was arrested in March 2023 by the US FBI on charges of securities, wire, and bank fraud brought by the SEC. The SEC alleged that Guo, also known as Mile Guo and Ho Wan Kwok, orchestrated an illicit fraud scheme in 2020 with the launch of “H-Coin,” a cryptocurrency that led to a substantial fraudulent securities offering, amassing millions of dollars from investors globally.
Prosecutors accused Guo of orchestrating various frauds over time and targeting retail investors through misleading social media campaigns, promising substantial returns for investments in his media company, GTV Media Group Inc., co-founded with former Trump advisor Steve Bannon.
However, instead of fulfilling these promises, Guo reportedly indulged in a luxurious lifestyle, splurging on high-end items like vehicles, properties, and a yacht. According to US attorney Damian Williams, Guo misappropriated funds to acquire a massive mansion, a multi-million-dollar Ferrari, luxury mattresses, and a pricey yacht.
During the Manhattan federal court trial, prosecutor Ryan Finkel showcased videos of Guo promoting investments and living luxuriously. Finkel labeled Guo as someone who deceived followers with false claims to extract money from them.
Reuters reported that the prosecutor emphasized how Guo raised over $1 billion through his crypto scam by assuring investors and followers they would profit, eventually deceiving them with misleading investment opportunities.
Guo Convicted of $1 Billion Crypto Fraud
Recently, defense attorney Sidhardha Kamaraju raised concerns regarding witness testimonies, suggesting potential interference from the Chinese government due to Guo’s political stance. Kamaraju disputed the charges against Guo and argued that the prosecution lacked concrete evidence.
The defense contended that Guo’s display of wealth was part of a political movement criticising the CCP, asserting that Guo’s intentions were focused on advocating for change rather than personal gain.
Despite the defense’s arguments, the US Attorney’s Office for the Southern District of New York disclosed that the jury unanimously found Guo guilty on nine of the twelve charges, encompassing racketeering conspiracy, securities fraud, wire fraud, and money laundering. Guo is set to be sentenced in November, facing significant jail time as a consequence of his actions.