Exiled Chinese tycoon Guo Wengui, who defrauded investors of around $1 billion (about RM4.065 billion), was sentenced by a US court to 30 years in prison and ordered to forfeit $889 million (about RM3.614 billion) in illegal proceeds.
According to Bloomberg, Guo was sentenced on Monday at the Federal Court in Manhattan, New York. Nearly two years ago, a jury found him guilty of using the influence he gained by criticizing the Chinese government online to entice followers with investment opportunities, while actually using the funds for personal extravagance.
Prosecutors pointed out that Guo used investor funds to purchase a 152-foot super yacht and a penthouse apartment in the luxurious Sherry-Netherland project on New York's Fifth Avenue, among other assets.
According to prosecutors, Guo was also involved in multiple fraud schemes, including a private membership club with a minimum entry fee of $10,000 (about RM40,700), a cryptocurrency platform called “Himalaya Exchange,” and a farm loan scheme.
In addition to the Manhattan penthouse, Guo also owned a historic mansion in New Jersey, USA, covering 50,000 square feet. Prosecutors said he also used investor funds to purchase a red Lamborghini sports car worth $1 million (about RM4.06 million) for himself, and bought a Ferrari worth $4 million (about RM16.26 million) for his son.
After leaving China for the US in 2014, Guo attracted a large following by criticizing the Chinese government and leaders online, but his allegations have not been independently verified. In March 2023, Guo was arrested in the US on suspicion of defrauding investors.