Exiled Chinese tycoon Guo Wengui, whose crusade against the Communist Party attracted allies including Donald Trump associate Steve Bannon, was convicted for duping investors out of $1 billion to fund his luxury lifestyle.
After a trial in Manhattan that lasted almost two months, Guo was found guilty on Tuesday of fraud and racketeering conspiracy. Convicted on nine of the 12 counts against him, he faces as many as 20 years in prison on the most serious charges when he is sentenced on Nov. 19.
Guo "brazenly operated several interrelated fraud schemes, all designed to fleece his loyal followers out of their hard-earned money so that Guo could spend his days in his 50,000-square-foot mansion, driving his $1 million Lamborghini, or lounging on his $37 million yacht,” Manhattan U.S. Attorney Damian Williams said in a statement after the verdict.