On June 29th, Chinese billionaire Miles Guo, also known as Guo Wengui and Ho Wan Kwok, was sentenced to 30 years in federal prison. A federal jury had previously convicted him on charges including racketeering, conspiracy, wire fraud, securities fraud, and money laundering. Judge Analisa Torres also ordered him to forfeit roughly $889 million.
According to the U.S. Attorney’s Office for the Southern District of New York, Guo ran a scheme that extracted more than $1 billion from thousands of online followers. After building a fortune as a real estate developer in China, he fled the country in 2015 and settled in New York, reinventing himself as an outspoken opponent of the Chinese Communist Party.
He posted regularly online and told followers he wanted to expose corruption inside China’s government. To many, particularly members of the overseas Chinese community, he appeared to possess insider knowledge about one of the world’s most secretive governments.
Starting in 2018, Guo launched a series of organizations and investment opportunities framed around the same political mission. It began with two organizations, the Rule of Law Foundation and the Rule of Law Society. Prosecutors say Guo told potential donors he was personally putting up the first $100 million to support the cause, a claim the government says was false.
He then expanded into a broader network of ventures including GTV Media Group, G Clubs, the Himalaya Farm Alliance, and the Himalaya Exchange, which dealt in digital assets called Agecoin and Age Dollar. The government described these as phony digital assets that were little more than made-up figures on an internal company spreadsheet.
Guo also reportedly installed figurehead executives to make the businesses appear independent while he remained in control behind the scenes.
Prosecutors say the money never went toward the movement Guo publicly championed. Instead, the Justice Department says Guo and his family spent it on a $26.5 million mansion in New Jersey, an $832,000 Lamborghini Aventador SVJ, multi-million dollar sports cars for his son, a $2 million yacht, and other luxury purchases. Authorities also seized a Rolls-Royce Phantom and a penthouse overlooking Central Park.
More than 600 people submitted letters to the court before sentencing describing financial devastation. Wei Chen testified that she had invested in Guo-related ventures and was left with roughly $1 million in debt, telling the court, “This fraud destroyed my life and my family.” Prosecutors also received a written statement from one person that read simply, “I lost my will to live.”
At sentencing, Judge Torres said Guo had preyed on people seeking to bring democracy to China and that he had shown no remorse for the harm he caused. U.S. Attorney Sean S. Buckley stated, “Miles Guo led a massive scheme to steal more than $1 billion through lies and deception from thousands of Americans and v*ctims around the world.”
Guo continues to maintain his innocence and intends to appeal. Even after the sentence was handed down, supporters packed the courtroom. As he was escorted out, Guo turned to face them, smiled, and according to the New York Times, shouted in Mandarin, “It has only just started.”
