Guo Wengui has been convicted by US authorities of various financial-related crimes.
According to U.S. Attorney Damian Williams, the billionaire from China’s Guo Wengui could be sentenced to at least 3 decades in prison for corruption. The tycoon had fled the Asian country in 2014 to avoid conviction, but was tried in the United States.
The businessman had organized a system fraudulent scheme that defrauded investors of more than a billion dollars to finance your business Gtv Media Group, which operates in the telecommunications sector. One of its financiers, Kin Ming Je, is wanted on the same charges.
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Who is Guo Wengui, the Chinese billionaire who could lose his fortune after going to jail on 12 charges?
Tycoon Guo Wengui was born on May 10, 1970 in Shen County, Liaocheng, Shandong, China. He is the seventh of eight children, and started his business career in Zhengzhou, before moving to Beijing during the Olympic Games in 2008.
In 2014, Guo fled China after his largest business partner was arrested. He moved to the United States in 2015. There, he continued to work as a financial advisor, raising millions of dollars in investments. At the end of that year, a journalist from Caixin Media Group named Hu Shuli published an investigation that implicated him in fraud and scams in China.
The tycoon responded that it was defamation, arguing that the journalist was romantically involved with his main competitor.
After years of appeals, he was finally arrested in 2023 and convicted on nine of the 12 corruption charges he faces, including fraud, money laundering and conspiracy. The sentence, according to federal prosecutors, will condemn the tycoon to decades in prison.
He is estimated to have defrauded investors of more than $1 billion. He was also associated with Steve Bannon, who was an adviser to former US President Donald Trump and was convicted of conspiracy to commit wire fraud and money laundering related to the plan to finance the border wall between the United States and Mexico.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
