Key facts
- Chinese billionaire Guo Wengui was sentenced to 30 years in prison in the U.S. for massive financial fraud.
- Guo Wengui was convicted of racketeering, fraud, and money laundering charges.
- The fraud scheme involved over $1 billion, with victims losing life savings.
- Guo Wengui was ordered to forfeit $889 million in proceeds, a mansion, and luxury cars.
- China's state media highlighted the conviction as a victory for the rule of law.
Fugitive Chinese businessman Guo Wengui, also known as Miles Guo and Ho Wan Kwok, has been sentenced to 30 years in prison in the U.S. for orchestrating a massive fraud scheme totaling over $1 billion. A jury found the well-connected defendant guilty of racketeering, fraud, and money laundering charges in 2024. Guo, who had ties to former Trump strategist Steven Bannon, created a fraudulent crypto venture called Himalaya Coin (H-Coin), falsely claiming it was backed by gold. Deputy U.S. Attorney Sean Buckley stated that Guo exploited the trust of thousands of victims worldwide, who lost life savings and suffered anxiety. In addition to the prison sentence, Guo was ordered to forfeit nearly $900 million in proceeds, a New Jersey mansion, and luxury vehicles. China's state media has framed the conviction as a win for the rule of law.