Miles Guo, an exiled Chinese businessmen, has been convicted of defrauding his supporters in a billion-dollar scheme that was linked to his company, GTV Media Group.
“Therefore, Guo was able to live a life of excess by victimizing thousands of his online followers.” According to a statement issued by US Attorney Damian Williams, Guo’s machinations have been terminated today.
He further stated that the verdict was reached together, which resulted in charges of securities fraud, wire fraud, money laundering, and racketeering conspiracy. These charges have the potential to result in decades of imprisonment for Guo.
The legal complications that Guo encountered commenced in March 2023 with his arrest in New York. He has been in custody ever since.
Notably, his fancy apartment on Manhattan’s Upper East Side caught fire soon after he was arrested. During the trial, prosecutors presented evidence that revealed Guo cheated investors of nearly $1 billion to fund his extravagant lifestyle.
Furthermore, the Securities and Exchange Commission (SEC) filed charges against Guo in a distinct case for an alleged conspiracy involving a crypto venture known as H-Coin.
Guo fraudulently claimed that the venture was supported by 20% gold reserves, despite the fact that it purportedly raised $500 million from retail investors.
Steve Bannon, a political strategist who briefly served in the Trump White House, has maintained a longstanding relationship with Guo.
They announced a joint initiative in 2020, the New Federal State of China, with the objective of overthrowing the Chinese government.
His arrest on Guo’s yacht in August 2020 resulted in legal consequences for Bannon. A crowdfunding campaign for a border wall between the United States and Mexico was the basis for his charges of conspiracy to commit wire fraud and money laundering.
State-level prosecutors issued distinct fraud accusations against Bannon, despite his subsequent pardon by former President Trump.
The Huione Group, a Cambodian conglomerate, has been involved in the facilitation of online frauds in Southeast Asia through Huione Guarantee, an online marketplace.
According to a recent research report by Elliptic, the platform has facilitated transactions totaling more than $11 billion, with a substantial portion of these funds associated with money laundering and cyber frauds.
Elliptic’s research team quantified the cryptocurrency transactions on the Huione Guarantee by employing blockchain analytics methods.
The marketplace is mainly operated in Chinese and comprises a multitude of instant messaging app channels, each of which is overseen by a distinct merchant.
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