Yvette Wang Sentenced for Billion-Dollar Fraud

Yvette Wang, the chief of staff to exiled Chinese tycoon Miles Guo, has been sentenced to 10 years in prison for her involvement in a fraud scheme that defrauded investors of approximately $1.4 billion. U.S. District Judge Analisa Torres found Wang guilty of conspiracy to commit wire fraud and money laundering, detailing her role in luring thousands into investing in fraudulent ventures such as the Rule of Law Foundation and Himalaya Exchange. Wang's extravagant spending included a $50,000 mansion, luxury cars, and custom-built furnishings, funded by the misappropriated investor money. She has also been ordered to forfeit $1.4 billion and will undergo three years of supervised release following her prison term. Wang collaborated with Guo and co-conspirator Kin Ming Je from at least 2018 until March 2023, when she was arrested with $130,000 in cash. Guo, who was convicted in July, is also awaiting sentencing.