In a landmark trial that lasted for seven weeks, Chinese business tycoon Guo Wengui, also known as Miles Kwok, was convicted by a U.S. jury on Tuesday of engaging in a massive multiyear fraud that targeted his loyal online followers. Guo, who was once believed to be among the richest people in China, was arrested in New York in March of 2023 and accused of running a racketeering enterprise that operated between 2018 and 2023.

The self-exiled tycoon was found guilty of nine out of twelve criminal counts, including racketeering conspiracy. The charges revolved around Guo's alleged deception of thousands of people who invested in fraudulent schemes, with the funds being used to sustain his extravagant lifestyle. One of Guo's attorneys declined to comment on the verdict.

According to U.S. Attorney Damian Williams, Guo's fraudulent activities were interconnected and aimed at draining his followers' hard-earned money. The schemes allowed Guo to indulge in a lavish lifestyle, which included residing in a 50,000 square foot mansion, driving a $1 million Lamborghini, and relaxing on a $37 million yacht. Williams emphasized the plight of the thousands of victims who fell prey to Guo's deceit, enabling his life of excess.

Prior to his arrest, Guo had left China in 2014 during an anti-corruption crackdown that ensnared individuals close to him, including a high-ranking intelligence official. Chinese authorities accused Guo of various crimes such as rape, kidnapping, and bribery, which he vehemently denied, stating that the charges were fabricated to retaliate against his exposure of corruption within the Communist Party.

After seeking political asylum in the United States, Guo relocated to a luxury apartment overlooking Central Park and became a member of former President Donald Trump's Mar-a-Lago golf club in Florida. During his time in New York, Guo developed a close relationship with Trump's former political strategist, Steve Bannon. In 2020, the pair announced a joint initiative to overthrow the Chinese government.

Prosecutors alleged that Guo controlled multiple entities, including his media company GTV Media Group Inc., the Himalaya Farm Alliance, and the Himalaya Exchange. Through these enterprises, Guo convinced hundreds of thousands of people to invest over $1 billion. Assistant U.S. Attorney Ryan Finkel argued during the trial that Guo had employed deceitful tactics, promising his followers that their investments were safe while using their funds for personal luxuries.

Defense lawyer Sidhardha Kamaraju argued that prosecutors lacked concrete evidence and relied primarily on rhetoric. Kamaraju portrayed Guo as the founder and face of a pro-Chinese democracy movement that had attracted numerous political dissidents. He urged the jury to consider whether Guo would intentionally betray fellow movement members for personal gain.

While acknowledging Guo's opulent lifestyle, Kamaraju asserted that wealth and luxury were not crimes. He emphasized that owning yachts, jets, and living lavishly were personal choices that, although different from many, should not be equated to criminal behavior.

Addressing the jury, Finkel acknowledged that Guo had been targeted by the Communist Party in China but underscored that it did not grant him the license to defraud his followers. Finkel highlighted Guo's creation of a "blacklist" targeting his enemies, as well as organizing protests against the Securities and Exchange Commission and intimidating a bankruptcy trustee's family. These actions, Finkel argued, showcased Guo's willingness to go to great lengths to protect his interests.

As Guo awaits sentencing, which is scheduled for a later date, the outcome of this trial serves as a high-profile example of the consequences faced by influential figures who exploit their position and trust to engage in fraudulent schemes.