Chinese Billionaire Guo Wengui Sentenced to 30 Years in U.S. Prison

Guo Wengui, once hailed as one of China’s richest property developers, was sentenced by a New York judge to 30 years behind bars after a federal court found him guilty of racketeering, fraud and money‑laundering.

The former businessman had fled to the United States in 2017, where he built an online platform as a critic of China’s Communist Party and amassed a following of supporters who were encouraged to invest in digital‑currency and ‘investment’ schemes.

Investigators say Guo raised more than $1 billion (about £760 million) from these supporters between 2018 and 2023, using the funds to buy a 50,000‑square‑foot mansion, a $1 million Lamborghini and a $37 million yacht. He claimed the money supported his political activism.

A New York court judge, Analisa Torres, testified that “Guo preyed on those seeking democracy in China, taking their money to fund his lavish lifestyle.” Attorney Sean S. Buckley argued that the sentence demonstrates that “fame and wealth do not place one above the law.”

Guo’s supporters filled the courtroom during sentencing, while his alleged co‑conspirators include Steve Bannon, the former adviser to President Trump, who he met on a yacht in Connecticut in 2020. Bannon was later indicted for unrelated fraud but was pardoned by President Trump in his final hours in office.

Media outlets are awaiting comments from Guo’s representatives. The case underscores the international reach of fraudulent investment schemes and the legal penalties for those who exploit political dissenters.