A federal court in New York has sentenced Chinese businessman Guo Wengui to 30 years in prison for financial fraud. This was reported by the Associated Press.
The court also ordered him to pay $889 million in restitution.
Guo convinced hundreds of thousands of people to invest more than $1 billion in fraudulent ventures, including GTV Media Group and Himalaya Farm Alliance. He used their funds for personal enrichment. In 2024, he was found guilty on 9 of 12 charges.
Victims reported losing their savings and seeing their families torn apart. Guo denied the allegations, claiming he was the target of persecution by China.
His lawyers stated that Guo’s wealth grew while his family owned a major Chinese brokerage firm, but he began exposing corruption, which led him to flee to Hong Kong, London, and New York. In China, the businessman was accused of rape, kidnapping, and bribery.
About the Author
