Guo Wengui is a Chinese billionaire. He was previously convicted in New York on July 16 of fraud and other charges for allegedly defrauding investors of more than $1 billion. Judge Analisa Torres will sentence him on November 19.

On March 15, 2023, Guo Wengui was arrested by federal authorities in New York on charges of conspiracy to defraud his online followers of more than $1 billion. This included $452 million in unregistered offerings and a $150 million GTV loan, in addition to a $250 million subscription program and a $262 million Himalayan Exchange cryptocurrency project. He faces 12 criminal charges, including wire fraud, securities fraud, bank fraud and money laundering. Nine of those charges were found to be well-founded, and when Guo is sentenced on November 19, he could face up to 20 years in prison.

During an earlier trial in the case, Manhattan’s lead federal prosecutor Damian Williams noted that defendant Guo Wengui promised his followers via social media that they would not suffer financial loss if they participated in his cryptocurrency and investment schemes . This promise allowed Guo to quickly and illegally raise more than one billion dollars between 2018 and 2023. In addition, Guo committed a series of interrelated fraudulent acts to defraud loyal supporters of their funds. These funds were used for ostensibly legitimate corporate activities, but in reality the company was a start-up with no profitable operations or revenue. Guo embezzled these funds for lavish spending by himself, his partners and his family. Guo’s spending included the purchase of a 50,000-square-foot mansion in New Jersey, a $1 million red Lamborghini sports car, and a $37 million luxury yacht.

According to prosecutors, a series of evidences were provided to show that Guo Wengui transferred funds provided by investors through a series of accounts. In an audio recording secretly made by a cooperating witness. Guo Wengui yelled at his subordinates for refusing to transfer $100 million as quickly as possible to the accounts he controlled. The funds came from investors in a membership company called G|Clubs, which Guo Wengui has publicly claimed he does not control. When a subordinate suggested to Guo that he get board approval to make the transfer look more legitimate, Guo told the subordinate, “You bastard, get the hell out of here.” Prosecutors also named Bannon and a host of other associates of Guo Wengui as co-conspirators in the case, although they have not been charged. Bannon helped Guo start some of the companies involved in Guo’s fraudulent scheme, promoted them publicly, and even advised Guo on how to set them up to avoid SEC scrutiny.

Victims were promised a handsome return on their investments. In addition, Guo promised investors a variety of generous perks, such as discounts on vacations and access to exclusive events. Despite a steady flow of huge sums of money flowing into Guo’s companies and his foundation, he filed for bankruptcy last year with less than $100,000 in personal assets, and Guo’s network collapsed. “I had full faith in him, but I gradually realized that he never fulfilled his promises,” the victims said.

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