
NEW YORK (AP) — A self-exiled billionaire Chinese business tycoon once believed to be among China’s wealthiest men was sentenced Monday to 30 years in a U.S. prison for a massive financial fraud that a federal judge said cost over 1,000 people worldwide hundreds of millions of dollars.
Guo Wengui, who fled China a decade ago and reinvented himself as a U.S.-based Communist Party critic, was sentenced in a Manhattan courtroom packed with his supporters by Judge Analisa Torres. She said he “preyed on those seeking to bring Democracy to China,” taking their money so he could live lavishly.
Before he was sentenced, Guo protested his treatment in jail, saying he was taken to the hospital early Monday. He disputed a prosecutor’s portrayal of him as a malinger faking illness, saying he repeatedly vomited as he was returned to jail before being brought to court.
“When I came here, I said: ‘I have a tummy ache, I need to go to the bathroom, I don’t feel well,'” Guo said through an interpreter of his courthouse arrival. Later, Guo wiped his mouth repeatedly with a tissue.
He only briefly addressed the criminal case, defending his intentions by saying in reference to the Chinese Communist Party: “The reason I came to the U.S. was to destroy the CCP.”
The judge, in sentencing him, read snippets of letters she received from victims who described losing their life savings and feeling severely anxious and shamed and having family members turn on them for their poor investment choice.
Torres said Guo “takes no responsibility for his actions and instead insists incredibly his conduct caused no loss and harmed no one.” She said he “has called upon supporters to harass and intimidate those who dare to speak out against him.”
The judge ordered Guo to forfeit $889 million in restitution.
Wei Chen, a victim who testified at trial, told Torres that Guo’s fraud “destroyed my life” and that of her family.
As Guo left the courtroom after the sentencing, supporters applauded and shouted toward him.
Before his arrest and detention without bail three years ago, Guo grew so close to conservative political strategist Steve Bannon that they announced a joint initiative to overthrow the Chinese government in 2020. He lived in a luxury apartment overlooking Central Park and had joined President Donald Trump’s Mar-a-Lago Florida golf club.
Prosecutors had requested he serve at least 30 years in prison, saying his “astonishing” fraud from 2018 to 2023 “destroyed hundreds of lives” and left “a wreckage of victims and families who have been devastated financially, emotionally, and psychologically.”







