Self-exiled Chinese billionaire Guo Wengui, also known as Miles Guo, was sentenced to 30 years in a U.S. prison on Monday for fraud involving cryptocurrency, according to multiple media reports.
U.S. District Judge Analisa Torres also ordered Guo to forfeit $889 million in restitution as part of the sentencing.
Since fleeing China over a decade ago, Guo has portrayed himself as a critic of the Chinese Communist Party (CCP) and built a substantial online following, particularly among overseas Chinese communities.
Despite positioning himself as a champion for Chinese democracy, prosecutors stated that Guo exploited his followers by luring them into fraudulent investment schemes, including his cryptocurrency ventures.
Guo was arrested in March 2023 for orchestrating a fraud that stole more than $1 billion from thousands of people. At the time, the Department of Justice said that Guo obtained more than $262 million in victim funds through the Himalaya Exchange, a purported cryptocurrency ecosystem.
In July 2024, a unanimous jury convicted Guo on nine fraud and conspiracy counts, primarily for soliciting investments from hundreds of thousands of his online followers through false statements and representations.
"As charged, [Guo] lied to his victims and promised them outsized returns if they invested in, or provided money to, [Guo]-controlled entities, including GTV Media, the Himalaya Farm Alliance, G|CLUBS, and the Himalaya Exchange," the DOJ previously said. Guo reportedly used the illicit proceeds to purchase a mansion and luxury vehicles.
AP reported Monday that Guo briefly addressed the case in the courtroom, saying his reason for coming to the U.S. was "to destroy the CCP."
The judge said on Monday that Guo "preyed" on those seeking to bring democracy to China and has taken no responsibility for his actions, and "instead insists incredibly his conduct caused no loss and harmed no one," according to AP.
Separately, the Securities and Exchange Commission charged Guo and his financial advisor William Je in March 2023 with a fraud scheme that raised hundreds of millions of dollars from investors through a purported crypto asset known as "H-Coin" or "Himalaya Coin."
Guo is also known for his ties to Steve Bannon, a former strategist of Donald Trump. In 2020, the two announced an initiative called the New Federal State of China to overthrow the Chinese government.
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