Chinese businessman Guo Wengui, also known as Miles Guo and Ho Wan Kwok, was sentenced on June 29, 2026, to 30 years in federal prison by Judge Analisa Torres in Manhattan for racketeering, fraud, money laundering, and securities offenses [1, 2, 3].

Guo was convicted in 2024 after a two-month trial where prosecutors detailed how he raised over $1 billion from thousands of online followers between 2018 and 2023 through investment and cryptocurrency schemes [4, 1, 3, 5]. The funds were then used to finance a lavish lifestyle including a 50,000-square-foot mansion, a $37 million superyacht, a $1 million Lamborghini, a $3.5 million Ferrari, and other luxury goods [4, 1, 2, 5].

Judge Torres condemned Guo for exploiting people hoping to promote democracy in China, saying, “Mr Guo preyed on those seeking to bring democracy to China, taking their money to fund his lavish lifestyle” [4]. US Attorney Sean Buckley added, “Today’s sentence shows that fame and wealth do not place you above the law, and that fraudsters who victimise families to enrich themselves will be met with significant consequences” [4].

Guo’s defense claimed his wealth was political activism, but prosecutors sharply rebutted, with lead prosecutor Ryan Finkel calling Guo “a scammer and a thief” who caused great financial and emotional harm to more than 1,000 victims worldwide [1, 6, 7]. Victims testified their life savings and mental health were destroyed by the scheme [7].

Guo fled China in 2017 amid corruption allegations and a red notice from Interpol issued at Beijing’s request. He sought asylum in the US and built a large following among Chinese diaspora and pro-democracy supporters online, portraying himself as an opponent of the Chinese Communist Party [4, 5, 8, 9]. At sentencing, Guo briefly addressed the court claiming his goal was to undermine the CCP while denying he faked illness complaints raised as part of his defense [1, 2, 6].

The court ordered Guo to forfeit $889 million in restitution [1, 2]. Guo had been arrested by the FBI in March 2023 at his luxury Manhattan apartment where he had lived overlooking Central Park and remained in custody until sentencing [3, 6, 8].

Guo’s former associate Yvette Wang was sentenced last year to 10 years in prison for a role in the fraud scheme [3, 8]. Other ties include former US political figure Steve Bannon, who was arrested aboard Guo’s yacht in 2020 on unrelated charges linked to a border wall fraud case [4, 3, 8].

Guo’s sentence is among the longest imposed in a major financial fraud case involving foreign nationals in the US, with his forfeiture deadline pending as ordered by the court [1, 2, 7].