The United States District Court for the Southern District of New York announced one of the most high-profile verdicts in the history of financial crime. On Monday, June 29, 2026, Judge Analisa Torres sentenced Chinese billionaire Guo Wengui (also known as Miles Guo or "Brother Seven") to 30 years in prison. The sentence marked the final chapter in the investigation of a scheme that allowed the businessman to embezzle over $1 billion from hundreds of thousands of investors worldwide.

The Scale of the Scam and Plea of Guilty

55-year-old Guo Wengui, who is currently an exile, was found guilty on 9 out of 12 counts. The court established that the defendant organized a criminal enterprise, engaged in securities fraud, wire fraud, and money laundering. Between 2018 and 2023, he accumulated colossal funds using structures he created: the media company GTV Media Group Inc., the Himalaya Farm Alliance, and the Himalaya Exchange cryptocurrency ecosystem, where surrogate assets H-Coin and H-Dollar were distributed.

The defense attempted to justify the client's actions, claiming that the collected funds were used to finance political activities and fight against the Communist Party of China. However, the prosecution, represented by Acting Prosecutor Sean Buckley, proved that the assets were used exclusively for the personal purposes of the convicted man.

Asset Confiscation: From Supercars to Bannon's Yacht

The court not only imposed a lengthy prison term but also issued a forfeiture order for $889 million. The list of seized assets included objects testifying to the businessman's luxurious lifestyle and his ties with the American elite:

  • Real Estate: A substantial residential building in New Jersey, valued at $26.5 million.
  • Vessels: A motor yacht, used in 2020 by the well-known politician Steve Bannon. The vessel is valued at approximately $37 million.
  • Car Fleet: A collection of supercars, including Lamborghini, Rolls-Royce Phantom, and Bugatti models.
  • Finances: Over $630 million seized from corporate accounts in correspondent banks in 2022–2023.

The confiscation was carried out in accordance with Title 18 of the United States Code (18 U.S. Code § 1963) and the Racketeer Influenced and Corrupt Organizations Act (RICO), which provides for the unconditional seizure of property acquired through criminal means.

Political Context and Reaction of the Parties

The Guo Wengui case received widespread resonance due to his ties with American conservative circles. Before his arrest in March 2023, the businessman maintained close relations with former White House advisor Steve Bannon. It was on board Guo Wengui's yacht that Bannon was detained by FBI agents in August 2020 on charges of misappropriating donations.

The convicted man's lawyers, led by Melinda Saraf, called the 30-year sentence "excessive and disproportionate." The defense intends to appeal the verdict, claiming that the businessman became a victim of a coordinated campaign by Chinese intelligence services. Judge Analisa Torres rejected these arguments, citing a lack of remorse and facts of psychological pressure on witnesses by the defendant's entourage.

In Beijing, the verdict was received with restraint. On June 30, 2026, an official representative of the Ministry of Foreign Affairs of the PRC stated that the department had taken note of the decision, reminding that Guo Wengui remains under international arrest warrant ("Red Notice") via Interpol at the request of Chinese law enforcement agencies.