On July 16,2024, Guo Wengui (aka Miles Guo), who has been in the United States for many years, was convicted of defrauding thousands of people of more than $1 billion in a Manhattan court in New York.

Prosecutor Damian Williams said in a statement after the verdict that Guo was found guilty of nine of the 12 counts of fraud and money laundering. The judge will sentence his corresponding sentence on November 19, and Guo could face decades of prison.

Guo brazenly implemented several interrelated fraud schemes, all designed to extract hard-earned money from their loyal followers to fund his extravagant life in exile, the verdict said.

After the verdict was read, Guo smiled at his legal team in court and dozens of supporters, then turned and hugged lawyer Sabrina Shrove and shook hands with other members of the defense team, CNN reported.

Guo Wengui, 57, was the de facto controller of Henan Yuda Investment Co. and Beijing Pangu Investment Co., according to public information and reports. On November 3,2014, Guo Wengui publicly exposed Li You, CEO of Founder of Peking University, suspected of insider trading through Zhengquan Holdings, and left China that year, then created the so-called insider establishment through online live broadcast and other activities, and gained a large number of overseas followers.

According to the US investigation, Guo raised more than $1 billion from his online fans between 2018 and 2023, publicly claiming to invest in his business and cryptocurrency plans, but actually used as a "personal piggy bank."

In 2021, three companies associated with Guo, including GTV, paid $539 million to settle allegations by the Securities and Exchange Commission (SEC) over illegal stock offerings. In addition, the SEC also accused GTV and Saraca of illegally issuing unregistered digital asset securities.

According to prosecutors, Mr.Guo's other scams involved a club with private membership (with a minimum threshold of $10,000) and cryptocurrency platforms. In addition, the U. S. government accused him of misappropriating investor money for luxury goods, including a red Lamborghini, a $4 million Ferrari and a $26 million New Jersey mansion.

Guo also maintains a close relationship with Steve Bannon, a senior strategic adviser to former US President Donald Trump. Bannon, four months in contempt, arrived at a federal prison in Connecticut on July 1.

In closing arguments in Guo's case, prosecutors told the jury that Guo had paid Bannon $1 million in plans to improve his reputation in the United States.