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US: Chinese billionaire sentenced to 30 years in prison
DW.com • • nation
Key Points:
- Chinese billionaire Guo Wengui was sentenced to 30 years in a US prison for defrauding investors of over $1 billion, with a judge stating the scheme impacted hundreds globally.
- Guo, a real estate tycoon and outspoken critic of the Chinese Communist Party, fled China in 2015 amid multiple criminal allegations, which he denies.
- He allied with former Trump adviser Steve Bannon to form the New Federal State of China, aiming to overthrow the Chinese government, though Bannon later faced legal troubles unrelated to Guo's case.
- The court ordered Guo to forfeit $889 million in restitution, with prosecutors highlighting the extensive financial damage caused by the fraud between 2018 and 2023.
- Guo maintains his innocence, claiming he was targeted by Chinese authorities, while his former associate Yvette Wang received a 10-year prison sentence for involvement in the fraud.
