Self-exiled Chinese billionaire Guo Wengui convicted of defrauding followers after fleeing to US
A Chinese business tycoon who sought asylum in the U.S. now stands convicted on charges that he engaged in a massive, multiyear fraud
NEW YORK (AP) — 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 of 2023 and accused of operating a racketeering enterprise that stretched from 2018 through 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.
