Exiled Chinese businessman Miles Guo accused of scamming followers, faces fraud trial in New York

Exiled Chinese businessman Miles Guo accused of scamming followers, faces fraud trial in New York

Exiled Chinese businessman Miles Guo, also known as Guo Wengui, Miles Kwok, and Ho Wan Kwok, is currently the subject of a fraud trial in New York after being accused of deceiving his followers and utilizing their funds for personal gain. Assistant U.S. Attorney Micah Fergenson stated that Guo, who was previously a real estate developer in China before relocating to New York, built a significant online following by speaking out against the Chinese government through video content.

Following the seizure of his assets in China and Hong Kong, Guo allegedly resorted to promoting deceptive investments to his followers, as per Fergenson's remarks during the trial. Fergenson portrayed Guo's actions as a large-scale scheme where he purportedly duped individuals into investing in various ventures, such as a media company and a cryptocurrency project, ultimately using the funds for lavish expenditures including a New Jersey mansion, a yacht, luxury cars, and expensive mattresses. Guo's defense attorney, Sabrina Shroff, countered these allegations by asserting that Guo's business endeavors were legitimate and aimed at opposing the Chinese Communist Party rather than engaging in fraudulent activities.

Shroff emphasized to the jury that Guo's measures, such as owning multiple phones and bank accounts, were merely precautions against potential disruptions from the Chinese government, which she claimed had been targeting his work in the U.S. for some time. The defense attorney urged the jurors not to scrutinize Guo's spending habits with the substantial wealth he had amassed through his real estate ventures. The trial, which comprises charges of fraud, racketeering, conspiracy, and money laundering, is anticipated to extend into July and is overseen by U.S. District Judge Analisa Torres. Additionally, Guo's prior associations with former U.S. President Donald Trump's advisor Steve Bannon, who was involved in a separate fraud case that concluded with a pardon from Trump, have also come to light during the trial proceedings.