Trial of Miles Guo: Allegations of Fraud, Racketeering, and Money Laundering

The trial of Chinese billionaire Miles Guo, also known as Miles Kwok and Ho Wan Kwok, is underway in Manhattan as prosecutors accuse him of running a massive con on a grand scale. Guo, who has been jailed since his arrest in March 2023, is facing allegations of using his online presence and hundreds of thousands of followers to bring in funds that he spent on a lavish lifestyle for himself and his family.

According to the prosecution, Guo touted financial opportunities in Mandarin-language online videos, offering investments in his media company, a cryptocurrency venture, and a farm loan program, as well as membership in an exclusive club with concierge services. However, prosecutors claim that Guo used the funds to buy a New Jersey mansion, a yacht, luxury cars, and even two $36,000 mattresses.

Guo’s defense lawyer, Sabrina Shroff, argued that his businesses were legitimate and that his goal was to build a movement against the Chinese Communist Party. She urged jurors not to judge Guo for how he spent his fortune, which he had amassed through real estate investments.

The trial, which could stretch into July, includes charges of fraud, racketeering, conspiracy, and money laundering. Guo, a vocal critic of the Chinese government, left China in 2014 during an anti-corruption crackdown under President Xi Jinping. Despite facing accusations of bribery and money laundering in China, Guo has denied the charges.

Guo’s ties to former US president Donald Trump’s adviser Steve Bannon have also come under scrutiny, as Bannon was arrested on Guo’s $37 million yacht in 2020 in a separate fraud case. The case against Bannon was dropped after Trump pardoned him.

As the trial unfolds, the world watches to see the outcome of this high-profile case involving allegations of fraud and deception on a massive scale.