Guo Wengui, a Chinese real estate tycoon once called a dissident for exposing corruption in China’s leadership, has now fallen from grace as a fraudster. Guo, who once ranked among the top 100 wealthiest people in China, fled to the United States in 2015 to escape an anti-corruption investigation and became a well-known figure by revealing alleged corruption within the Communist Party leadership.
According to The New York Times, after a seven-week trial, a jury in the U.S. District Court for the Southern District of New York found Guo guilty on 9 of the 12 charges against him, including conspiracy to commit extortion, securities fraud, and money laundering. His sentencing is set for November 19, and he faces potentially decades in prison. In March last year, he was charged with defrauding thousands of online followers worldwide.
According to the U.S. prosecution, Guo lured investors by promising massive returns if they participated in listing cryptocurrencies and other ventures between 2018 and 2023. He raised at least $1 billion, some of which he claimed would be used to oppose the Chinese government.
However, it was found that a significant portion of the funds he raised was used for personal luxury. Damian Williams, the U.S. Attorney for the Southern District of New York, criticized Guo after the verdict, saying, “Thousands of people fell victim so that Guo Wengui could live a life of luxury.”
Born in 1967 as the seventh of eight siblings in Shandong, China, Guo Wengui founded the real estate development company Zhengquan with just a middle school education, eventually ranking 73rd among China’s wealthiest people. After fleeing to the U.S. in 2015 to avoid an anti-corruption investigation targeting him, he continued to expose the Chinese leadership through social media platforms like YouTube and X (formerly Twitter) and public press conferences. His popularity surged in 2017 when he exposed the corruption of former Vice President Wang Qishan, who was known as the right-hand man of Chinese President Xi Jinping.
He is also known to have a close relationship with Steve Bannon, the former chief strategist of the White House and a confidant of former U.S. President Donald Trump. Bannon was arrested on Guo’s luxury yacht in 2020 on charges of embezzling large sums during a fundraising campaign for the U.S.-Mexico border wall.
Guo has consistently been accused of leading a luxurious life in the U.S. while committing fraud. He bought a $68 million penthouse overlooking Central Park in Manhattan, New York, a red Lamborghini, a large yacht, and other items. In early 2017, he joined Trump’s Mar-a-Lago club in Florida.
The Chinese government, which considers him a thorn in their side, has issued an Interpol red notice for him on 19 criminal charges, including bribery, kidnapping, fraud, money laundering, and sexual assault.
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