H-Coin Founder Convicted of Fraud
A U.S. court has convicted Chinese businessman Miles Guo (real name Guo Wengui) of racketeering conspiracy and a $1 billion fraud. Simultaneously, the U.S. Securities and Exchange Commission (SEC) has also charged him with cryptocurrency fraud linked to his H-Coin project, which raised about $500 million.
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A U.S. court has convicted Chinese businessman Miles Guo (real name Guo Wengui) of racketeering conspiracy and a $1 billion fraud. Simultaneously, the U.S. Securities and Exchange Commission (SEC) has also charged him with cryptocurrency fraud linked to his H-Coin project, which raised about $500 million.
Moments ago, a unanimous jury found Miles Guo guilty of racketeering conspiracy and various securities fraud, wire fraud, and money laundering charges,
stated U.S. Attorney Damian Williams.
The prosecution revealed that Guo used investor funds to acquire luxury real estate, high-end automobiles, and a yacht valued at over $37 million. His schemes affected thousands of online investors, and Guo now faces up to 10 years in prison, with full asset forfeiture to compensate the victims.
Guo was arrested in March 2023. He had previously collaborated with former Trump associate Steve Bannon, who was also arrested in 2020 and charged with fraud related to the construction of a wall along the U.S.-Mexico border. Although Trump pardoned Bannon at the end of his presidency, prosecutors later refiled charges against him.
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