Chinese billionaire who visited Trump's Mar-a-Lago sentenced to 30 years in US crypto fraud

Chinese businessman Guo Wengui, who once joined US President Donald Trump's Mar-a-Lago golf club in Florida, has been sentenced to 30 years in an American prison. Guo, who was previously regarded as one of China's wealthiest entrepreneurs, was jailed for running what prosecutors described as a billion-dollar cryptocurrency and investment fraud scheme for his online followers. A federal court in New York also ordered him to forfeit $889 million and pay restitution after he was convicted on multiple charges, including racketeering, fraud and money laundering.According to a BBC report, prosecutors alleged that Guo raised more than $1 billion between 2018 and 2023 through investment and cryptocurrency ventures promoted to his online followers. Authorities said the money funded expenses, including a 50,000-square-foot mansion, a $1 million Lamborghini, a $37 million yacht and other luxury purchases.US District Judge Analisa Torres sentenced Guo in Manhattan, saying he had targeted supporters of his anti-Chinese Communist Party movement and used investor funds to finance a luxury lifestyle. She said he "preyed on those seeking to bring Democracy to China," taking their money so he could live lavishly.The judge also said Guo "takes no responsibility for his actions and instead insists, incredibly, his conduct caused no loss and harmed no one,” another AP report noted.US Court orders Chinese billionaire to forfeit $889 millionGuo, who is also known as Miles Guo and Ho Wan Kwok, was convicted on nine of 12 criminal charges following a seven-week trial. Prosecutors had argued that the fraud affected more than 1,000 victims worldwide and caused hundreds of millions of dollars in losses.During sentencing, Judge Torres read victim statements describing financial losses, anxiety and damaged family relationships. One victim, Wei Chen, told the court that Guo's fraud "destroyed my life" and that of the victim's family.The court ordered Guo to forfeit $889 million and pay restitution as part of the sentence.From Chinese property tycoon to US-based political activistBefore leaving China, Guo built his fortune as a property developer and maintained business ties with Chinese authorities. He relocated to the United States in 2017 after Chinese officials accused him of corruption, allegations he has denied.In the US, Guo became a critic of the Chinese Communist Party and built a large online following. He also developed ties with former Trump adviser Steve Bannon. In 2020, the two announced the New Federal State of China, a political campaign aimed at opposing China's ruling Communist Party.Before his arrest in 2023, Guo lived in a luxury apartment overlooking Central Park and had become a member of President Donald Trump's Mar-a-Lago club in Florida.Speaking in court before sentencing, Guo defended his intentions. He said,”The reason I came to the U.S. was to destroy the CCP.”Guo's lawyer, Melinda Sarafa, said the 30-year sentence is "excessive" and confirmed that he plans to appeal both his conviction and sentence, maintaining that he did not defraud investors. Meanwhile, China's Foreign Ministry said Guo remains wanted by Chinese authorities and is the subject of an Interpol Red Notice.Get the latest technology news and updates. Download the TOI App.