Self-exiled billionaire Guo Wengui convicted of fraud after fleeing to US

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Self-exiled billionaire Guo Wengui convicted of fraud after fleeing to US - Business Standard

Quick Summary:

Guo Wengui, a self-exiled Chinese business tycoon whose criticism of the Communist Party won him legions of online followers and powerful friends in the American conservative movement, was convicted by a US jury Tuesday of engaging in a massive multiyear fraud that ripped off some of his most devoted fans.

Once believed to be among the richest people in China, Guo was arrested in New York in March of 2023 and accused of operating a racketeering enterprise that stretched from 2018 through 2023.

Over a seven-week trial, he was accused of deceiving thousands of people who put money into bogus investments, with the aim of preserving a luxurious lifestyle.