Chinese Tycoon Guo Wengui Convicted in Billion-Dollar Fraud with GTV Media Group

A Chinese businessman living in exile, Guo Wengui, was found guilty of fraud and money laundering in New York.

Guo, who was connected to former White House adviser Steve Bannon, defrauded his online followers of over $1 billion, according to the prosecution. Guo used his web network, GTV Media Group, to spread false information and draw followers.

Exiled Chinese tycoon Guo Wengui, whose crusade against the Communist Party attracted allies including Donald Trump associate Steve Bannon, was convicted for duping investors out of $1 billion to fund his luxury lifestyle. https://t.co/7YZhJ9sHf1

— Bloomberg Law (@BLaw) July 16, 2024

Guo persuaded thousands of people to invest in GTV and other ventures, promising large returns, but instead used the money for a lavish lifestyle, purchasing a mansion, a yacht, and a luxury car.

Guo left China in 2014 following charges of bribery and fraud. After arriving in the United States in 2015, he gained notoriety on the internet by denouncing the Chinese Communist Party. As a result, he was able to win over many Chinese dissidents who were living overseas.

Guo and Bannon started working together in 2017. They started GTV and other initiatives, frequently spreading conspiracy theories concerning the US election and COVID-19. In August 2020, Bannon was apprehended aboard Guo’s yacht for financial fraud over the creation of a wall between the United States and Mexico. Later, Bannon received a four-month prison sentence.

中国商人郭文贵在美国被判有罪，面临数十年的监禁

流亡海外的中国商人郭文贵（Miles Guo）被判有罪，因涉嫌欺骗其支持者，以及与其公司GTV媒体集团进行总额达10亿美元的诈骗。… pic.twitter.com/LDQu97KX45

— PANews (@PANewsCN) July 17, 2024

Guo was taken into custody in March 2023 and accused of money laundering, wire fraud, securities fraud, and bank fraud. The prosecution claimed that he and his business associate, Kin Ming Je, utilized the money from their supporters to finance ostentatious acquisitions such as pricey real estate, a specially designed Bugatti sports vehicle, and hazardous hedge fund transactions.

Many Chinese immigrants living in the United States were among the victims; they trusted Guo because of his vocal opposition to the Chinese government. Some even took part in demonstrations against those Guo accused of being Chinese spies. Many of these followers came to understand afterward that they had been duped.

Guo claimed to have less than $100,000 when he filed for bankruptcy last year, despite having raised enormous sums of money. November 19 is his planned sentencing date; he may spend decades behind bars. Guo’s lawyer remained silent over the verdict.

Charges filed against Guo in English & Chinese w guilty verdict by count. Sentencing scheduled for Nov 19. pic.twitter.com/vpllL9uILp

— mrspanstreppon (@mrspanstreppon) July 16, 2024

The lengthy probe into Guo’s actions comes to a close with his conviction. He defrauded hundreds of people by using his power and allegations against the Chinese government to finance a lavish lifestyle while his supporters experienced financial setbacks. According to the U.S. Attorney in charge of the case, Guo’s plans have been put on hold.