Billionaire Sentenced to 30 Years for $1 Billion Fraud

A self-exiled Chinese billionaire has been sentenced to 30 years in a U.S. federal prison for orchestrating a massive fraud scheme that prosecutors said defrauded thousands of investors out of more than $1 billion. Guo Wengui, also known as Miles Guo and Ho Wan Kwok, was sentenced on Monday, June 29, 2026, by U.S. District Judge Analisa Torres in a Manhattan courtroom.

The judge ordered Guo to forfeit $889 million in restitution. She stated that he had preyed on individuals who were seeking to bring democracy to China, using their money to fund an extravagant lifestyle while causing his victims severe financial and emotional harm. Judge Torres read excerpts from victim impact letters describing lost life savings, severe anxiety, and fractured family relationships.

A jury had convicted Guo in July 2024 on nine of 12 criminal charges, including securities fraud, wire fraud, and money laundering, following a seven-week trial. Prosecutors alleged that from 2018 to 2023, Guo leveraged his online profile as a prominent critic of the Chinese Communist Party to attract investors. He promoted various fraudulent ventures, including a media company, a cryptocurrency platform called the...