Guo Wengui gets 30 years in prison, ordered to forfeit $889 million

The Manhattan sentence follows Guo’s 2024 conviction on racketeering, fraud and money laundering charges tied to a scheme prosecutors said raised more than $1 billion, including about $500 million through Himalaya Coin, or H-Coin.

27d ago

Fact Check

All elements of the claim are corroborated by multiple independent, credible outlets reporting the same day. WSJ confirms the 30-year sentence and $889 million forfeiture following the July 2024 conviction. NPR (via WXXI), The Guardian, and the Washington Post (AP) confirm the 30-year sentence, $889 million forfeiture, and that Judge Analisa Torres imposed it in a Manhattan federal court. These consistently match the claim's details about racketeering/fraud and the July 2024 conviction on nine of 12 counts.

Summary

Guo Wengui, also known as Miles Guo or Ho Wan Kwok, was sentenced by a U.S. court to 30 years in prison on July 1 after a 2024 jury convicted him of racketeering, fraud and money laundering. In the Manhattan case, a New York jury found him guilty on nine of 12 counts, and the court ordered the forfeiture of $889 million tied to his activities. Prosecutors said Guo raised more than $1 billion from victims over five years, including about $500 million in 2021 through Himalaya Coin, or H-Coin, which he promoted as being backed by 20% gold reserves and offering full loss protection for investors. A source also described Guo as a businessman with close ties to Steve Bannon.

Terms & Concepts

racketeering: A pattern of illegal activity carried out as part of an organized scheme.
money laundering: The process of moving illicit funds through transactions to disguise their origin.
Himalaya Coin: A token, also referred to as H-Coin, that prosecutors said Guo used to raise about $500 million in 2021 from investors.