Chinese businessman Guo Wengui received a 30-year U.S. prison sentence after a Manhattan federal fraud case involving more than $1 billion raised from his online followers. Guo, also known as
Chinese businessman Guo Wengui received a 30-year U.S. prison sentence after a Manhattan federal fraud case involving more than $1 billion raised from his online followers.
Guo, also known as Ho Wan Kwok, Miles Guo and Miles Kwok, was convicted in July 2024 after a seven-week trial. The jury found him guilty on nine counts, including racketeering conspiracy, wire fraud, securities fraud and money laundering.
U.S. District Judge Analisa Torres also ordered Guo to forfeit $889 million. The sentence closes one of the largest U.S. fraud cases tied partly to crypto fundraising, after prosecutors argued that Guo used political branding and anti-CCP messaging to attract supporters into a network of financial programs.
The case did not center only on cryptocurrency. It involved GTV Media Group, the Himalaya Farm Alliance, G|CLUBS and the Himalaya Exchange, a crypto-related platform that prosecutors tied to the broader fundraising scheme.
The 2023 indictment charged Guo and financier Kin Ming Je with soliciting investments through false statements and representations to hundreds of thousands of online followers.
The alleged programs included GTV stock, G|CLUBS membership products, the Himalaya Farm Alliance and Himalaya Exchange. Prosecutors alleged that the defendants misappropriated hundreds of millions of dollars from victims and used proceeds to fund luxury spending.
Guo was arrested in New York in March 2023. U.S. authorities also seized about $634 million from 21 bank accounts and assets purchased with alleged fraud proceeds, including luxury vehicles and other high-value property.
The conviction later confirmed the criminal liability after trial. The Miles Guo conviction covered racketeering conspiracy and several fraud and money-laundering charges, while co-defendant Yanping “Yvette” Wang separately received a 10-year sentence after pleading guilty.
Guo’s sentence adds another major prison term to a year of heavy crypto-linked enforcement outcomes. The case is different from exchange-collapse prosecutions because the crypto component was part of a wider affinity and investment fraud network rather than a trading-platform failure.
Federal courts have already delivered long sentences in other crypto-fraud cases. PGI Global CEO Ramil Ventura Palafox received 20 years in prison over a $200 million Bitcoin Ponzi scheme, while Ohio investment manager Rathnakishore Giri received nine years in prison for a $10 million crypto investment fraud.
Those cases show how prosecutors are separating crypto technology from fraud conduct. The legal focus is not simply whether digital assets were involved, but whether promoters misrepresented returns, misused investor funds, laundered proceeds or used crypto products to make schemes look more credible.
Guo maintained his innocence and is expected to appeal. The sentence now stands at 30 years in federal prison, with $889 million ordered forfeited after convictions for racketeering conspiracy, wire fraud, securities fraud and money laundering.
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