Guo Wengui, an exiled Chinese billionaire also known as Miles Guo, was convicted by a U.S. jury on Tuesday on several counts, including racketeering conspiracy and wire fraud.
Guo was arrested in March 2023 on suspicion of orchestrating a more than $1 billion fraud conspiracy that included cryptocurrency. On Tuesday, he was found guilty of nine out of 12 counts, primarily soliciting investments in various entities through false statements and representations to hundreds of thousands of his online followers.
Following Guo’s arrest in 2023, the DOJ said at the time that Guo obtained more than $262 million in victim funds through the Himalaya Exchange, a purported cryptocurrency ecosystem. The DOJ added that it had seized about $634 million from 21 different bank accounts linked to the alleged fraud.