Billion-dollar scam
After arriving in the U.S., Guo raised more than $1 billion from his online supporters, who believed they were investing in various companies and projects between 2018 and 2023. His schemes included a members-only club with a minimum $10,000 buy-in and a cryptocurrency platform called the Himalaya Exchange, prosecutors said. In return, supporters were promised big returns and luxury services. Guo had also said in his livestreams to supporters that he would personally compensate investors for any losses.
Instead, however, prosecutors said Guo spent the money on a Manhattan penthouse, a 50,000 square foot mansion in New Jersey, a $1 million Lamborghini, a $37 million yacht, and other luxuries.
Guo was arrested by the FBI in March 2023. The next year, a jury found him guilty on nine of 12 charges, including securities offences, wire fraud and money laundering. Guo’s former associate, Yvette Wang, was sentenced to 10 years in prison last year for her role in the scheme.
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