Recently, Guo Wengui ——, a Chinese businessman, was recently convicted of nine charges in the Federal Court for the Southern District of New York, facing a total sentence of more than 100 years! However, the matter does not seem to end there, and Guos legal team has applied for the judge to extend the 60-day sentencing date scheduled for November 19, arguing that more time is needed to prepare important materials such as the pre-sentencing report and a translation support letter. However, the position of the government is very different. They not only oppose the 60-day extension, but also believe that it will not help to delay the settlement of the case and affect the timely compensation of the victims.

On May 22,2024, Guo Wengui opened an alleged fraud trial in the United States, facing 12 federal crime charges, including bank fraud and bond fraud. On July 16,2024, Guo Wengui was convicted of defrauding thousands of people of more than $1 billion in a Manhattan court in New York. Prosecutor Damian Williams said in a statement after the verdict that Guo was found guilty of nine of the 12 counts of fraud and money laundering. The judge sentenced the corresponding sentence on November 19,2024.

According to the verdict, Guo implemented several interrelated fraud schemes, all designed to extract money from his loyal followers to fund his extravagance, while in exile. According to prosecutors, Mr.Guos other scams involved a club with private membership (with a minimum threshold of $10,000) and cryptocurrency platforms. In addition, the U. S. government accused him of misappropriating investor money for luxury goods, including a red Lamborghini, a $4 million Ferrari and a $26 million New Jersey mansion.