A self-exiled Chinese billionaire who built a massive online following as an outspoken critic of the Chinese Communist Party will now spend 30 years in federal prison for running what prosecutors described as a sprawling fraud scheme.
Miles Guo, also known as Guo Wengui, Ho Wan Kwok, Miles Kwok, and Brother Seven, was sentenced in Manhattan federal court after a jury convicted him of racketeering conspiracy, wire fraud, securities fraud, money laundering, and other charges tied to a scheme that raised more than $1 billion from followers and investors.
The case had all the trappings of extreme wealth: a Bugatti, a Lamborghini, a Rolls-Royce Phantom, a Ferrari for Guo’s son, a yacht, and a 50,000-square-foot mansion in Mahwah, New Jersey.
Federal prosecutors said thousands of victims were misled by false promises about media ventures, membership clubs, loan programs, and a cryptocurrency ecosystem marketed as far more valuable than it was.
Prosecutors Say Followers Were Sold a Movement and an Investment
Guo, 55, originally from the People’s Republic of China, became known in the United States as a wealthy dissident and online personality. He attracted supporters by presenting himself as an opponent of the Chinese Communist Party, then used that audience to promote a series of investment opportunities, federal prosecutors said.
The U.S. Attorney’s Office for the Southern District of New York said Guo’s ventures included the Rule of Law Foundation and Rule of Law Society, GTV Media, G|CLUBS, the Himalaya Farm Alliance, and the Himalaya Exchange.
The pitch often blended politics, media, and financial opportunity. Investors were told they could buy into Guo-linked companies, receive GTV stock, earn interest, or participate in H-Coin and H-Dollar, which prosecutors described as phony digital assets.
The Justice Department said Guo falsely claimed H-Coin was backed by gold reserves and promised investors that he would personally protect them from losses. In reality, prosecutors said, the digital assets were little more than numbers on an internal company spreadsheet.
The Justice Department said Guo raised more than $1 billion through false statements and misrepresentations to thousands of online followers.
Bugatti, Lamborghini, Ferrari, Yacht, and Mansion
The fraud case became especially striking because of what prosecutors said the money was used to buy.
After Guo’s conviction, then-U.S. Attorney Damian Williams said Guo “brazenly operated several interrelated fraud schemes” so he could spend his days in a 50,000-square-foot mansion, drive his Lamborghini, and lounge on his yacht.
The Justice Department’s sentencing release said Guo and his family spent victims’ funds on a $26.5 million mansion in New Jersey, an $832,000 Lamborghini, two multimillion-dollar sports cars for Guo’s son, and a $2 million yacht.
The Securities and Exchange Commission’s civil complaint added more detail. The SEC alleged that $3.5 million in G-Clubs investor funds was used to purchase a Ferrari race car for Guo’s son from a Beverly Hills Ferrari dealership. The SEC also alleged that investor funds were used for a $2.9 million Bugatti, an $832,000 Lamborghini, and about $1.5 million in other vehicles and racing-related expenses.
The mansion was another major focus. The SEC said $26.5 million in G-Clubs investor funds went toward the purchase of the 50,000-square-foot Mahwah estate, with another $13 million used for renovations, furniture, and decorative purchases. Those expenses allegedly included $978,000 for Chinese and Persian rugs, a $62,000 television, a $59,000 watch storage box, and a $35,000 mattress.
Realtor.com reported that Guo also owned a massive Manhattan apartment overlooking Central Park, which he purchased for $67.5 million in 2015. The apartment later became infamous after a fire broke out there while FBI agents were still executing a search warrant following Guo’s 2023 arrest.
Judge Says Victims Lost Savings and Hope
At sentencing, U.S. District Judge Analisa Torres said Guo “preyed on those seeking to bring Democracy to China,” taking their money so he could live lavishly, the Associated Press reported.
Victims described losing life savings, suffering anxiety, and facing shame from family members who had trusted the investments. One victim, Wei Chen, told the court that Guo’s fraud “destroyed my life” and her family.
Courthouse News reported that Torres said Guo showed no remorse and continued to deny responsibility for the harm caused to victims.
Guo briefly addressed the court, saying he came to the United States to “destroy the CCP.” His attorneys argued he was targeted because of his opposition to the Chinese Communist Party and said he plans to appeal.
Guo Was Not the Only Person Charged
The case also involved Yanping “Yvette” Wang, who prosecutors said played a leadership role in the broader fraud conspiracy.
Wang pleaded guilty in 2024 to conspiracy to commit wire fraud and conspiracy to commit money laundering. As part of her plea, she agreed to pay $1.4 billion in restitution and forfeit $1.4 billion to the United States.
The Justice Department later said Wang was sentenced to 10 years in prison. :contentReference[oaicite:3]{index=3}
Court Orders Nearly $889 Million Forfeited
Guo was convicted in July 2024 after a seven-week jury trial. The jury found him guilty on nine counts, including racketeering conspiracy, securities fraud, wire fraud, and money laundering charges.
In addition to the 30-year prison sentence, Judge Torres ordered Guo to forfeit $889 million in proceeds from the illegal schemes. The forfeiture order included his interest in specific property, including the New Jersey mansion, a Lamborghini, a Rolls-Royce Phantom, and a Bugatti sports car.
Federal prosecutors said more than $630 million in criminal proceeds had already been seized between 2022 and 2023, along with luxury items including sports cars, real estate, and expensive furnishings.
“This sentence shows that fame and wealth do not place you above the law,” Attorney for the United States Sean S. Buckley said in the sentencing announcement, “and that fraudsters who victimize families to enrich themselves will be met with significant consequences.”