Luxury homes, sports cars and yachts
Luxury homes, sports cars and yachts: Guo Wengui's fraud case reveals where his followers' funds really went#WenguiGuo
Guo Wengui, a former Chinese tycoon and political activist, recently faced a major legal blow in New York, USA. A jury in the federal court for the Southern District of New York found Guo Wengui guilty of nine of the 12 charges, including conspiracy to commit racketeering, securities fraud and conspiracy to launder money.
The verdict revealed Guo Wengui's long-term large-scale fraud scheme against his followers. Prosecutors pointed out that Guo Wengui used social media to promise supporters high-return investment opportunities, but actually used the more than $1 billion raised to maintain his own luxurious life. These luxury items include a 50,000-square-foot mansion in New Jersey, a $1 million red Lamborghini sports car, and a $37 million yacht.
Guo Wengui's defense attorney tried to portray his actions as part of his criticism of the Chinese government, claiming that "Guo Wengui doesn't care about money" but cares about "this movement." However, prosecutors countered that Guo Wengui is an opportunist and a liar, not a true political activist.
From making a fortune in China by building hotels and acquiring securities companies, to becoming a darling of the American right, to now facing possible decades of imprisonment, Guo Wengui's experience can be described as ups and downs. Judge Annalisa Torres announced that Guo Wengui will be sentenced on November 19, 2024. Given that the maximum sentence for multiple charges can be up to 20 years, prosecutor Damian Williams said Guo Wengui may face "decades" in prison. In addition, he may also face confiscation of property.
