Steve Bannon Linked Chinese Businessman Found Guilty in Fraud Scheme

As a researcher, I have closely followed the case of Guo Wengui, also known as Miles Guo, a Chinese businessman who was recently convicted of a billion-dollar fraud in the United States. This man’s story is one of intrigue, power, and deceit.

Businessman Guo Wengui, formerly known as Miles Guo and a Chinese expatriate, has been found guilty of defrauding backers in a swindle worth over a billion dollars connected to his media firm, GTV Media Group.

“Today marks the conclusion of Guo’s criminal activities. A short while ago, a unanimous jury declared Miles Guo guilty of racketeering conspiracy and multiple charges related to securities fraud, wire fraud, and money laundering. The consequences of his actions could result in him spending several decades behind bars, as stated by U.S. Attorney Damian Williams.”

In March 2023, Guo was apprehended in New York and has remained in custody since then. A short time afterward, a fire broke out at his penthouse located in the Upper East Side of Manhattan.

During the court proceedings, it was asserted by prosecutors that Guo swindled approximately a billion dollars from investors, using the funds to indulge in extravagant living expenses.

Outside of the ongoing criminal proceedings, the Securities and Exchange Commission (SEC) has accused Guo of orchestrating a fraudulent scheme. In this alleged scam, Guo is said to have amassed $500 million from individual investors for a cryptocurrency project named H-Coin. However, he reportedly misrepresented the facts by claiming that 20% of H-Coin’s value was backed by gold.

Guo has had a lengthy professional relationship with political advisor Steve Bannon, who once held a position in the Trump Administration. In the year 2020, they declared their intention to instigate change in the Chinese government through a project named the New Federal State of China.

In August 2020, Bannon was apprehended on Guo’s yacht for allegedly conspiring to defraud through wire communications and launder funds, in relation to a campaign aimed at raising money to construct a boundary wall between the United States and Mexico.

Despite being granted clemency by Trump later on, he faced accusations of fraud in a distinct case brought forth by state prosecutors afterwards.