Exiled Chinese billionaire Guo Wengui found guilty on federal fraud charges

CNN —

Guo Wengui, the exiled Chinese billionaire, was convicted in a US federal court on Tuesday for defrauding thousands of his followers of more than $1 billion.

Guilty of nine out of 12 counts involving racketeering conspiracy and securities fraud, wire fraud and money laundering, Guo, who is also known as Miles Guo, “faces decades in prison” when the judge hands down a sentence on November 19, according to the prosecutor.

“Miles Guo … brazenly operated several interrelated fraud schemes, all designed to fleece his loyal followers out of their hard-earned money” to fund his luxury lifestyle when he was in exile, US Attorney Damian Williams said in a statement after the verdict. “Today, Guo’s schemes have been put to an end.”

After the verdict, Guo smiled at his lawyers and dozens of staunch supporters, who stuffed the courtroom throughout the seven-week trial in New York. He then hugged lawyer Sabrina Shroff and shook hands with other members of the defense team.

Guo’s defense lawyers declined to comment on the verdict. When his supporters rushed out of the courtroom, a handful of them could be seen sobbing. Hao Haidong, a former soccer player for China’s national team and one of Guo’s closest allies, declined to comment.

Guo, who was exiled from China in 2014, gained a huge number of loyal followers during a series of livestreaming events when he portrayed himself as a former insider to reveal scandals, sometimes fabricated, of senior Chinese officials and elite businessmen.

Guo is a close ally to former President Donald Trump’s adviser Steve Bannon, who reported to federal prison earlier this month to serve a four-month sentence for defying a congressional subpoena.

During closing arguments, prosecutor Ryan