A federal court in New York has sentenced Chinese tycoon Guo Wengui to 30 years in prison for a billion-dollar fraud scheme.Guo, who also goes by Miles Guo and Ho Wan Kwok, was convicted of defrauding thousands of his supporters in July 2024. Once known as one of the richest men in China, Guo gained a following in the U.S. for criticizing Beijing. Guo is “not a democratic activist, he is a con artist, a scammer and a thief,” prosecutor Ryan Finkel said on Monday.Judge Analisa Torres said that Guo had enriched himself by preying on people who believed in democracy for China. She ordered Guo to forfeit $889 million.Guo maintains his innocence and intends to appeal, his attorneys said after the hearing. He had asked for “substantially below” the 30-year sentence. Hundreds of Guo’s supporters attended the sentencing hearing.Property tycoon turned China criticGuo made his fortune as a property developer in China before he was accused by officials of corruption, which he denied. He left China in 2014 and fled to the U.S., where he lived initially on a tourist visa before seeking political asylum in 2017.Guo built an online brand as a political exile and an outspoken critic of the Chinese Communist Party (CCP). He frequently shared what he claimed was insider knowledge about top Chinese officials, which was largely unverified.Guo also cultivated ties with prominent right-wing figures in U.S. politics like Steve Bannon. Bannon, an ally of President Donald Trump, appeared in several social media videos with Guo criticizing the Chinese government. In 2020, the pair launched an anti-CCP online lobbying campaign called the ‘New Federal State of China.’ Bannon was arrested in August 2020 on Guo’s yacht in Connecticut and charged in connection with a separate embezzlement scheme.Billion-dollar scamAfter arriving in the U.S., Guo raised more than $1 billion from his online supporters, who believed they were investing in various companies and projects between 2018 and 2023. His schemes included a members-only club with a minimum $10,000 buy-in and a cryptocurrency platform called the Himalaya Exchange, prosecutors said. In return, supporters were promised big returns and luxury services. Guo had also said in his livestreams to supporters that he would personally compensate investors for any losses.Instead, however, prosecutors said Guo spent the money on a Manhattan penthouse, a 50,000 square foot mansion in New Jersey, a $1 million Lamborghini, a $37 million yacht, and other luxuries.Guo was arrested by the FBI in March 2023. The next year, a jury found him guilty on nine of 12 charges, including securities offences, wire fraud and money laundering. Guo’s former associate, Yvette Wang, was sentenced to 10 years in prison last year for her role in the scheme.Some of Guo’s victims spoke at Monday’s hearing.“This fraud destroyed my life and my family,” said Wei Chen, who shared that her family lost all of their savings and fell into debt as a result.Guo’s defense attorneys argued that he faces ongoing government persecution from China and that the luxuries he flaunts in the U.S. were meant to act as a symbol for what people in China could aspire to.“It is not a crime to be wealthy,” Guo’s attorney Sidhardha Kamaraju said during summations in 2024.