The FBI has accused Chinese billionaire Guo Wengui with scamming investors of $1bn. The US Department of Justice detained Guo, also known as Ho Wan Kwok and Miles Guo, in New York on Wednesday for allegedly conspiring to steal hundreds of millions of dollars from his thousands of internet followers. Guo is accused of stealing money from investors who were promised high profits on GTV Media Group, G|CLUBS, and Himalaya Coin.
Guo is accused of buying a 50,000-square-foot New Jersey home, a $37m boat, and a $3.5m Ferrari for his son using the proceeds. Guo is also accused of laundering hundreds of millions of stolen cash to cover up the conspiracy’s crimes and prolong the deception. Guo and his business partner Kin Ming Je face 11 accusations, including wire fraud, securities fraud, and money laundering. Je, who is at large, faces a second obstruction charge. The most serious offence carries a 20-year sentence. Guo’s counsel declined comment. “My office and our law enforcement partners will continue to do everything that we can to safeguard the community from the catastrophic repercussions of pernicious fraud schemes,” said US Attorney for the Southern District of New York Damian Williams. Shandong-born real estate billionaire Guo is known for his harsh criticism of the Chinese Communities Party (CCP) and close ties to conservative leaders like former Trump adviser Steve Bannon. Guo and Bannon founded the New Federal State of China advocacy group in 2020 to overthrow the CCP. When Guo was jailed that year on unrelated fraud charges, Bannon was on his boat off New York. Bannon, who will be tried later this year, denies wrongdoing. During Xi Jinping’s 2014 corruption campaign, Guo departed China.
Guo requested refuge in the US in 2017 after saying the CCP was persecuting him for exposing corruption in the Chinese leadership. As the businessman made unsubstantiated accusations about Chinese authorities having illegitimate children and possessing property and bank accounts abroad, China urged Interpol to issue a notice for Guo’s arrest in April of that year. Guo was wanted for bribing former intelligence head Ma Jian, who was caught up in Xi’s anti-corruption campaign, according to the South China Morning Post.
