A U.S. jury has convicted Chinese business tycoon Guo Wengui of engaging in a massive multiyear fraud scheme that defrauded thousands of his followers. Guo, also known as Miles Kwok, was once considered among the wealthiest individuals in China before his arrest in New York in March 2023.
During the seven-week trial, Guo was accused of deceiving investors by soliciting funds for fake investments and using the money to fund his extravagant lifestyle. He was found guilty on nine of the 12 criminal counts, including racketeering conspiracy.
