The mastermind of a series of frauds that allegedly took in over US$1 billion has been sentenced to 30 years in prison in a federal court in New York.
Back in 2024, following a seven-week trial, Miles Guo, was convicted on a number of charges, including securities fraud, money laundering, conspiracy to commit wire fraud and racketeering conspiracy.
Those charges arose from a series of schemes that were carried out between 2018 and 2023, including unregistered stock offerings, a fake cryptoasset trading scheme (Himalaya Exchange) and fundraising for phony charitable organizations.
In a parallel civil case, the U.S. Securities and Exchange Commission (SEC) also charged Guo — who has numerous aliases, including Ho Wan Kwok, Miles Kwok, Wengui Guo, Brother Seven, The Principal and Boss — along with Guo’s long-time financial advisor, Kin Ming Je (William Je), and several corporate defendants, for carrying out unregistered, fraudulent offerings that allegedly raised more than US$850 million.
On Monday, U.S. district judge Analisa Torres sentenced Guo to 30 years in prison. He was also ordered to forfeit US$889 million in assets.
Je was also charged alongside Guo back in 2023, but he hasn’t been arrested, or tried in the case.
The U.S. attorney’s office for the Southern District of New York said that it has recovered US$630 million, which is being returned to victims of the various schemes. Previously, the SEC said that it collected US$454 million in disgorgement and penalties in connection with the unregistered offerings of securities and crypto.
In its complaint, the SEC seeks permanent injunctions, disgorgement, civil penalties and officer and director bans.