He claimed to be dismantling the Chinese Communist Party but spent the money on luxury cars and yachts instead.
Miles Guo presented himself as a fierce opponent of the Chinese Communist Party (CCP), promising supporters a democratic future and financial prosperity. In reality, he was scamming the Chinese exile community. On June 29, 2026, the Chinese entrepreneur was sentenced to 30 years in prison, following his July 2024 conviction for racketeering conspiracy, securities fraud, wire fraud, and money laundering.
From Real Estate Mogul to Political Dissident
Guo built his fortune as a real estate developer in China before fleeing in 2014 during President Xi Jinping's anti-corruption campaign. Facing Chinese accusations of bribery and money laundering, Guo claimed political persecution and began targeting senior Chinese officials via YouTube. He quickly built a massive following of overseas Chinese citizens critical of Beijing.
This political conflict was not entirely fabricated. US prosecutors acknowledged that Guo had indeed been targeted by the CCP. However, Guo weaponized this genuine persecution as a shield, claiming any criticism of his financial projects was simply a Beijing-orchestrated smear campaign.
Weaponizing the Anti-CCP Struggle
From 2018 onward, Guo linked political resistance with financial schemes. He founded the Rule of Law Foundation and the Rule of Law Society, falsely claiming he would personally donate $100 million to support Chinese dissidents. He used these organizations to establish trust, which he then leveraged to sell unregistered shares in his media company, GTV.
In June 2020, alongside former Trump adviser Steve Bannon, Guo declared the founding of the "New Federal State of China," a self-proclaimed government-in-exile. By positioning his business ventures as acts of political resistance, Guo framed financial investing as a heroic contribution to the liberation of China.
This masterstroke effectively silenced skepticism. Anyone who questioned his financial projects was easily branded as a traitor or a CCP agent, turning financial due diligence into a test of political loyalty.
The Billion-Dollar Scheme Funding a Luxury Lifestyle
Between April and June 2020, GTV and its affiliates raised approximately $487 million from over 5,000 investors through unregistered digital assets like G-Coins and G-Dollars. After a 2021 SEC settlement forced the entities to pay over $539 million to compensate investors, Guo simply pivoted to new unregistered offerings. In total, the US Department of Justice estimates Guo’s network defrauded thousands of followers out of more than $1 billion.
While publicly preaching revolution and democracy, Guo used the funds to finance an extraordinarily luxurious lifestyle. This included a $26.5 million New Jersey mansion, an $832,000 Lamborghini, a luxury yacht, and high-end vehicles for his son. Between 2022 and 2023, US authorities seized more than $630 million in fraud proceeds, along with luxury real estate and assets. As part of his 30-year sentence, Guo must forfeit approximately $889 million.
During sentencing, Judge Analisa Torres noted that Guo deliberately exploited people who desperately wanted democracy for China. Many victims lost their life savings or went heavily into debt.