Guo Wengui Convicted of Defrauding Followers in Over $1 Billion Scheme

Guo Wengui, a Chinese businessman and vocal critic of the Communist Party, has been found guilty of defrauding investors out of over $1 billion. The scam allegedly involved using his online fame to deceive thousands of people into investing in bogus projects and companies. Prosecutors claim that Guo spent the stolen money on luxury goods, including a New Jersey mansion, a red Lamborghini, and a yacht. Guo was arrested in March 2023 and faced charges of racketeering conspiracy, wire fraud, and other crimes. His lawyers argued that prosecutors had not proven he cheated anyone, but the jury disagreed, finding him guilty on nine of the 12 counts against him.