Self-exiled Chinese billionaire Guo convicted of defrauding followers

NEW YORK — Guo Wengui, a self-exiled Chinese business tycoon whose criticism of the Communist Party won him legions of online followers and powerful friends in the American conservative movement, was convicted by a U.S. jury Tuesday of engaging in a massive multiyear fraud that ripped off some of his most devoted fans.

Once believed to be among the richest people in China, Guo was arrested in New York in March 2023 and accused of operating a racketeering enterprise that stretched from 2018 to 2023.

Over a seven-week trial, he was accused of deceiving thousands of people who put money into bogus investments and using the money to preserve a luxurious lifestyle. He was convicted of nine of 12 criminal counts, including racketeering conspiracy.

Guo’s lawyers said prosecutors hadn’t proven he’d cheated anyone. After the verdict, one of his attorneys declined to comment.

In a statement after the verdict, U.S. Attorney Damian Williams said Guo’s interrelated fraud schemes were “all designed to fleece his loyal followers out of their hard-earned money so that Guo could spend his days in his 50,000-square-foot mansion, driving his $1 million Lamborghini, or lounging on his $37 million yacht.”

He added: “Thousands of Guo’s online followers were victimized so that Guo could live of a life of excess.”

Guo, also known by Miles Kwok, left China in 2014 during an anticorruption crackdown that ensnared people close to him, including a top intelligence official.