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New York: Exiled Chinese businessman Guo Wengui, an outspoken opponent of Beijing’s Communist government, was found guilty of stealing hundreds of millions of dollars from his online followers at a trial in the United States on Tuesday (July 16).
After a seven-week trial, Guo Wengui was found guilty of nine of 12 counts, including racketeering and wire fraud.
He could face decades in prison. U.S. District Judge Analisa Torres set sentencing for Nov. 19.
Federal prosecutors in Manhattan say Guo raised more than $1 billion by assuring followers on social media that they would not lose money by joining his series of investments and cryptocurrency schemes between 2018 and 2023, some of which he said would be used to challenge the Chinese government.
Prosecutors said the one-time real estate mogul used the money to buy luxury items including a New Jersey mansion, a red Lamborghini and a yacht.
“Thousands of Guo Wengui’s online followers were victimized so that Guo could live a lavish lifestyle,” Manhattan U.S. Attorney Damian Williams said in a statement after the verdict.
Guo’s defense attorneys portrayed him as a fervent dissident who flaunted his wealth to level political criticism at the Chinese Communist Party and said jurors should not jump to conclusions like prosecutors.
“Mr. Kuo doesn’t care about the money,” defense attorney Sidhardha Kamaraju said in closing arguments last week. “He cares about the movement.”
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