NEW YORK — Self-exiled Chinese billionaire Guo Wengui was sentenced Monday to 30 years in a U.S. prison for orchestrating a massive financial fraud that defrauded over 1,000 investors worldwide of more than $1 billion, according to the U.S. Department of Justice.
Guo, 55, was convicted in July 2024 on multiple counts including wire fraud, securities fraud, and money laundering. Prosecutors said he used his media company, The Guo Media, and other entities to solicit investments for fake projects, promising high returns that never materialized.
U.S. District Judge J. Paul Oetken imposed the sentence in Manhattan federal court, calling the scheme "extraordinary in its scope and audacity." The judge also ordered Guo to forfeit $1.4 billion and pay restitution to victims.
Guo, who fled China in 2014 and was once listed on the Hurun Report as one of China's richest men, maintained his innocence throughout the trial. His lawyers argued the investments were legitimate business ventures that failed due to market conditions.
The case is one of the largest fraud prosecutions involving a Chinese national in U.S. history. Guo also faces separate charges in China related to alleged economic crimes, though he has denied any wrongdoing there.
