How much does a Chinese billionaire spend after defrauding more than 1 billion USD?

Authorities say Guo, with help from longtime financial adviser Kin Ming Je, defrauded thousands of online followers since 2018 by promising “huge” investment returns. However, Guo diverted most of their money to fund a lavish lifestyle for himself and his family.

Ho Wan Kwok, also known as Guo Wengui and Miles Guo, spent the ill-gotten gains on luxury items, including a $36,000 mattress, a $26.5 million mansion in New Jersey, and a $37 million yacht. He also bought a $140,000 piano, deposited $10 million into his wife’s personal bank account, and bought a $3.5 million Ferrari for his son.

Chinese billionaire Guo Wengui. Photo: Reuters

Guo and co-defendant Kin Ming Je set up multiple business entities, including a media conglomerate, a lending program and luxury members-only clubs, according to an indictment unsealed on March 15 in Manhattan federal court.

Guo, 52, was arrested on the morning of March 15 in an FBI raid at his luxury resort, which spans the entire 18th floor of the Sherry-Netherland hotel overlooking Central Park on Fifth Avenue.

Guo is a business and political associate of Mr. Bannon, former chief adviser to former President Donald Trump. Mr. Bannon was arrested on a yacht owned by Guo in 2022 for his alleged involvement in a plot to defraud investors about plans to build a private US-Mexico border wall.

Mr Guo, a real estate tycoon, disappeared from China in 2014 after President Xi Jinping’s anti-corruption campaign netted several of his associates. Chinese authorities have also charged Mr Guo with a number of crimes, including bribery, sexual assault and kidnapping.

Guo was indicted on 12 counts of conspiracy to commit fraud on March 15 and faces a maximum sentence of life in prison, according to the New York Post. His co-defendant, Kin Ming Je, has not yet been arrested. The US Justice Department said it is seeking to seize $634 million in alleged fraud proceeds from 21 bank accounts, including some at the now-closed Silvergate Bank.

Guo was held without bail after pleading not guilty at his first court appearance on March 15. His next court appearance is scheduled for April 4.

Source: https://nld.com.vn/thoi-su-quoc-te/lua-dao-duoc-hon-1-ti-usd-ti-phu-trung-quoc-xai-sang-co-nao-20230316095006726.htm