A New York jury convicted Chinese businessman and government critic, Guo Wengui, for defrauding his followers of over $1 billion. Wengui was found guilty on nine of the twelve federal charges against him, including racketeering and fraud which may lead to substantial prison time and asset forfeiture. Prosecutors said that he used his influence to pitch schemes as ways to make money for personal gain while he undermined the Communist Party. Wengui used this money to fund a lavish lifestyle, which included stunning properties in New York, Connecticut, and New Jersey, a Lamborghini, Bugatti, Ferrari, a yacht and racks of Italian suits. Paul Doran, a corporate risk adviser with experience in China described Wengui as “public enemy No. 1 in China.”
Chinese Tycoon Found Guilty of Fraud
