Guo Wengui Convicted in $1 Billion Fraud Case

Exiled Chinese businessman Guo Wengui, also known as Miles Guo, was convicted by a US federal jury on nine out of 12 criminal counts, including racketeering conspiracy and securities fraud. Guo defrauded thousands of his followers of over $1 billion through bogus investment and cryptocurrency schemes between 2018 and 2023, using the funds to sustain a lavish lifestyle. The schemes included investments in GTV Media, cryptocurrencies like Himalaya Coin, and other ventures. His connections with prominent US conservatives, including Steve Bannon, who co-founded GTV Media Group with him, drew significant attention. Guo, a vocal critic of the Chinese Communist Party, faces decades in prison with sentencing set for November 19.