Chinese Tycoon Guo Wengui Gets 30 Years

A US federal court sentenced exiled Chinese billionaire Guo Wengui to 30 years in prison for orchestrating a massive fraud that cost more than 1,000 victims over $1 billion.

Guo, who gained a following for his criticism of China's Communist Party, was convicted in 2024 on nine charges including money laundering and fraud involving cryptocurrency.

The self-exiled tycoon was arrested in 2023, and a federal judge described his scheme as 'astonishing' in its scale and ruthlessness.

The case marks one of the most significant fraud prosecutions of a Chinese national in the United States.