Chinese businessman and self-exiled dissident Miles Guo, also known as Guo Wengui and Ho Wan Kwok, was sentenced Monday to 30 years in federal prison after a judge found he masterminded one of the largest fraud schemes involving political supporters in recent years, defrauding thousands of followers out of more than $1 billion.
U.S. District Judge Analisa Torres imposed the sentence in Manhattan federal court after concluding that Guo showed "no remorse" for a sprawling criminal enterprise that prosecutors said preyed on supporters who believed they were financing a movement against the Chinese Communist Party.
"Mr. Guo intended to deceive his victims and take their money for his own financial gain," Torres said during sentencing. She also ordered Guo to forfeit approximately $889 million in illicit proceeds.
The case also drew attention because of Guo's close relationship with former Trump White House adviser Steve Bannon.
The two men partnered in several high-profile anti-Chinese Communist Party initiatives, including the launch of GTV Media Group and the New Federal State of China in 2020, an organization they described as dedicated to ending Communist Party rule in China.
Prosecutors alleged that although GTV was promoted as part of that political movement, investors were ultimately deceived about how their money would be used. Guo was acquitted on certain securities fraud charges specifically related to GTV but was convicted on numerous other fraud counts.
Their association also became widely known in August 2020 when Bannon was arrested aboard Guo's luxury yacht, the Lady May, off the coast of Connecticut.
Bannon himself has faced multiple legal cases in recent years. In 2022, he was convicted in federal court of contempt of Congress for refusing to comply with subpoenas issued by the House committee investigating the Jan. 6 events at the U.S. Capitol, serving a four-month prison sentence in 2024.
Separately, Bannon pleaded guilty in New York state court in 2025 to a fraud-related charge stemming from the "We Build the Wall" fundraising effort, receiving a conditional discharge that avoided prison but barred him from serving as an officer or director of charities handling charitable assets in New York.
A federal jury convicted Guo in 2024 on nine criminal counts, including racketeering conspiracy, wire fraud, securities-related fraud, money laundering, and other financial crimes following a seven-week trial.
Prosecutors alleged that between 2018 and 2023, Guo used his large online following and anti-Beijing activism to persuade supporters around the world to invest in a series of fraudulent ventures, including GTV Media Group, the Himalaya Farm Alliance, and the Himalaya Exchange.
Federal prosecutors said investors contributed more than $1 billion based on promises of extraordinary financial returns and Guo's repeated assurances that he would personally guarantee any losses.
Instead, prosecutors argued, much of the money financed an extravagant lifestyle.
Authorities detailed purchases that included a $37 million yacht; a $26 million New Jersey mansion; a luxury apartment overlooking Central Park; high-end automobiles; designer clothing; and lavish furnishings, including two mattresses costing approximately $36,000 each.
The court also heard emotional testimony from victims who said they lost their life savings after trusting Guo's promises.
Victim Wei Chen told the court that the fraud "destroyed my life and my family," leaving her deeply in debt after investing roughly $1 million in Guo-related ventures. More than 600 victims submitted letters to the court describing devastating financial and emotional losses.
Despite the convictions, Guo retained a devoted following.
More than 250 supporters packed the courtroom and overflow rooms during sentencing, with some describing him as a hero fighting for democracy in China. Several supporters argued he was being politically targeted because of his outspoken criticism of the Chinese Communist Party.
Guo's attorneys argued that he himself was a victim of persecution by Beijing and that his luxurious lifestyle was intended to project success and undermine the image promoted by the Chinese Communist Party.
The judge rejected those arguments, concluding that the evidence overwhelmingly demonstrated intentional fraud.
Before Monday's sentencing, Guo briefly addressed the court, maintaining his innocence and insisting he came to the United States to oppose the Chinese Communist Party. He indicated he plans to appeal his convictions.
Torres, however, concluded that Guo had "preyed on those seeking to bring democracy to China," finding that his political message ultimately served as a vehicle for one of the largest financial frauds prosecuted in federal court in recent years.