Vietnamese-born billionaire Nguyen Dang Quang sentenced to 30 years in US

Guo Wengui, once known as one of China's wealthiest entrepreneurs, has been sentenced to thirty years in prison in the US for a major financial fraud case. This was reported by Zamin.uz.

The court found him guilty of organizing illegal schemes involving billions of dollars. The tycoon, who previously operated in the real estate sector, left China in 2017 and moved to the US.

There, by presenting himself as a staunch critic of the Chinese Communist Party, he managed to gather thousands of followers via the internet. However, over time, serious charges were brought against Guo Wengui, including conspiracy, fraud, and money laundering.

New York Judge Analisa Torres noted that the convict skillfully exploited the trust of people who wanted democratic reforms established in China. He spent the funds of simple people to provide for his own luxurious lifestyle and to finance his desires.

Guo Wengui is also known to the public by the names Miles Guo and Ho Wan Kwok. The final verdict was read in a courtroom filled with his supporters.

US prosecutor Sean Buckling stated that instead of using legal opportunities, the entrepreneur abused the trust of thousands of people for his own personal interest and boundless greed. According to the prosecutor, this sentence means that neither fame nor wealth can save anyone from accountability before the law, and those who enriched themselves at the expense of others will eventually be punished.

Before leaving China, Guo Wengui had accumulated immense wealth in the construction sector and maintained close ties with government circles. Later, after official Beijing accused him of corruption, he was forced to seek political asylum in the US.

In America, he gained significant influence among Chinese immigrants, urging them to invest in various investment and cryptocurrency projects. According to the prosecution, he collected more than one billion dollars within five years.

Investigation results showed that these funds were used to purchase massive palaces, expensive sports cars, and luxury yachts. Guo Wengui, in turn, denies all charges, claiming that the money was used solely for political purposes.

Additionally, his close ties with high-ranking US politicians, particularly Steve Bannon, had also attracted public attention. The court verdict has now entered into force, and the former billionaire will begin serving a long-term prison sentence.