Exiled Chinese tycoon Guo Wengui. — Reuters
New York: Exiled Chinese tycoon Guo Wengui, whose crusade against the Communist Party attracted allies including Donald Trump associate Steve Bannon, has been convicted for duping investors out of US$1bil to fund his luxury lifestyle.
After a trial in Manhattan that lasted almost two months, Guo was found guilty on Tuesday of fraud and racketeering conspiracy.
Convicted on nine of the 12 counts against him, he faces as many as 20 years in prison on the most serious charges when he is sentenced on Nov 19.
Guo raised money from investors for seemingly legitimate businesses but diverted the funds to spend on himself and his family. Guo is almost certain to appeal the verdict.
The outspoken businessman was tried before jurors whose names were kept secret – an unusual move designed to shield them in a case that has drawn intense interest. — Bloomberg
