Chinese businessman Guo Wengui found guilty in U.S. fraud trial

NEW YORK -- Chinese businessman Guo Wengui was convicted Tuesday of racketeering conspiracy and defrauding his online followers out of more than $1 billion in order to fund a lavish lifestyle while exiled in the U.S.

A unanimous jury found Guo guilty on nine criminal counts after 17 hours of deliberations over four days. He had pleaded not guilty to the 12 counts, which had included wire fraud, conspiracy to commit securities fraud and bank fraud, and racketeering conspiracy. The Chinese billionaire was acquitted on three counts: unlawful money transactions, wire fraud and securities fraud.