The businessman used the funds collected from his subscribers to finance his lavish lifestyle, including the purchase of a mansion, a Lamborghini and a yacht.
A US court has convicted exiled Chinese businessman Guo Wengui of defrauding his online subscribers of more than a billion dollars. This was reported by the BBC on Wednesday, July 17.
The businessman, known for his criticism of the Chinese Communist Party, was found guilty on nine of 12 charges, including racketeering, fraud and money laundering.
It was found that from 2018 to 2023, he defrauded his online followers of more than one billion dollars.
He urged that he invest money in various investment and cryptocurrency schemes, ensuring that people do not lose money.
However, he used the funds raised to finance his lavish lifestyle, including the purchase of a mansion, a Lamborghini and a yacht.
“By making more than a thousand of his online subscribers victims of deception, Guo was able to live a lavish lifestyle,” Manhattan prosecutor Demian Williams said after the verdict.
Sentencing is scheduled for November 19, and Guo could spend decades behind bars.
We remind you that a woman who posed as an Irish heiress to attract thousands of dollars was deported from Britain.
It was previously reported that after being released from prison, fraudster Anna Delvey, who was under house arrest, will star in her own reality show Delvey’s Dinner Club.
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.