New York: Guo Wengui, an outspoken critic of Beijing’s communist government and exiled Chinese businessman, was convicted on Tuesday in his U.S. trial on charges of defrauding his online followers of hundreds of millions of dollars.
Guo was found guilty on nine of the 12 criminal counts, including racketeering conspiracy and wire fraud, following a seven-week trial. His sentencing is scheduled for Nov. 19, with potential decades in prison looming, as ruled by U.S. District Judge Analisa Torres.
According to federal prosecutors in Manhattan, Guo raised over $1 billion by promising social media followers that they would not lose money in various investment and cryptocurrency schemes between 2018 and 2023. Some funds were purportedly earmarked for challenging China’s government, but prosecutors allege Guo used the money for lavish personal expenses, including a mansion in New Jersey, a red Lamborghini, and a yacht.
“After the verdict, U.S. Attorney Damian Williams condemned Guo’s actions, stating, ‘Thousands of Guo’s online followers were victimized so that Guo could live a life of excess.'”
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In defense, Guo’s lawyers portrayed him as a staunch dissident who flaunted his wealth to critique the Chinese Communist Party (CCP). “Mr. Guo didn’t care about the money,” argued defense lawyer Sidhardha Kamaraju in his closing statement. “He cared about the movement.”
Prosecutor Juliana Murray countered during closing arguments, acknowledging Guo’s anti-CCP stance but alleging, “He loved it because it was his personal piggybank.”
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Throughout the trial, videos were shown of Guo promoting investments, often dressed in sunglasses aboard his yacht. Earlier, jurors even handled keys to Guo’s Lamborghini found at his Connecticut estate, a point contested by Kamaraju, who argued these assets were intended for a luxury club for Guo’s followers.
Guo has been in custody since his March 2023 arrest. During the trial, prosecutor Ryan Finkel highlighted a video of Steve Bannon endorsing one of Guo’s ventures in 2018, an incident unrelated to Guo’s current charges but involving Bannon’s subsequent legal troubles.
