Guo Wengui Sentenced to Prison for Multi-Million Dollar Fraud Scheme

“Guo Wengui is a fugitive wanted under an Interpol red notice issued at the request of the Chinese government, and we have noted the relevant reports,” ministry spokesman Guo Jiakun said on Tuesday.

The billionaire businessman, also known as Ho Wan Kwok and Miles Guo, was sentenced on Monday by Judge Analisa Torres for leading what prosecutors described as a complex conspiracy to defraud thousands of his online followers between 2018 and 2023.

The funds were used to sustain Guo’s lavish lifestyle, which included a 50,000 sq ft (4,645-square metre) mansion, a US$3.5 million Ferrari, two US$36,000 mattresses, and a US$37 million luxury yacht, according to a 2023 statement from the US Attorney’s Office for the Southern District of New York.

“Mr Guo to this day denies responsibility and exhibits no remorse for the harm that he has caused to so many people,” Torres said before handing down the sentence. She also ordered Guo to forfeit US$889 million in restitution.

The US government seized around US$634 million in alleged fraud proceeds from 21 different bank accounts between September 2022 and March 2023, according to the federal prosecutor’s statement.

Prosecutors said Guo had promised substantial returns to his supporters if they invested in his companies or projects, including G Fashion, his personal clothing brand, and G Clubs, a luxury travel and event services company. However, these entities were not legitimate businesses but fundraising vehicles used to swindle investors.