Chinese billionaire gets 30 years in US prison for fraud

A New York court sentenced Chinese billionaire Guo Wengui on Monday to 30 years in a US prison for orchestrating a billion-dollar fraud.

Judge Analisa Torres handed down the sentence after Guo was convicted of racketeering, fraud, and money laundering.

After fleeing China in 2017, the former property tycoon reinvented himself as a critic of the Chinese Communist Party and gained a large online following.

Torres said Guo had "preyed on those seeking to bring democracy to China," using their money to finance a lavish lifestyle, according to the BBC.

US Attorney Sean S. Buckley said: "Rather than being satisfied with the many legitimate opportunities afforded to him, Guo exploited the trust that thousands had placed in him for his own greed."

"Today's sentence shows that fame and wealth do not place you above the law, and that fraudsters who victimize families to enrich themselves will be met with significant consequences," Buckley said.

Prosecutors said Guo raised more than $1 billion from followers through investment and cryptocurrency schemes between 2018 and 2023. They alleged the funds paid for luxury assets, including a 50,000-square-foot (4,645-square-meter) mansion, a $1 million Lamborghini, and a $37 million yacht.

Guo denied the accusations, claiming the money supported his political activism. He has developed ties with prominent China critics, including Steve Bannon, a prominent former adviser to US President Donald Trump.

Guo is a fugitive wanted under an Interpol notice issued at the request of the Chinese government, Chinese Foreign Ministry spokesperson Guo Jiakun told a news conference Tuesday.