Sentencing and Charges
Yvette Wang, the 45-year-old chief of staff to self-exiled Chinese businessman Guo Wengui, was sentenced on Monday to 10 years in prison for her involvement in a $1 billion fraud scheme. The sentencing occurred in Manhattan federal court, less than two years after Wang’s arrest in March 2023.
Judge Analisa Torres described Wang as an “integral part of the conspiracy,” which defrauded hundreds of thousands of victims. In addition to her prison term, Wang agreed to forfeit $1.4 billion as part of her guilty plea to conspiracy charges in May.
Details of the Fraud Scheme
Wang admitted to working alongside Guo and others to commit wire fraud and money laundering between 2018 and March 2023. Prosecutors revealed that the scheme solicited funds from victims by offering false promises through Guo’s media company, GTV Media Group Inc., and entities such as the Himalaya Farm Alliance and the Himalaya Exchange. Victims were enticed to send money in exchange for stock or cryptocurrency, which never materialized as promised.
FBI agents discovered $130,000 in cash at Wang’s Manhattan apartment at the time of her arrest. Without her plea deal, Wang could have faced life in prison if convicted at trial.
Background on Guo Wengui
Guo Wengui, once among China’s wealthiest individuals, fled the country in 2014 during an anti-corruption crackdown led by Chinese President Xi Jinping. Guo has since been sought by the Chinese government, which accuses him of various crimes, including rape, bribery, and kidnapping—allegations he claims are politically motivated.
While living in the United States, Guo became a vocal critic of the Chinese Communist Party and forged a close relationship with Steve Bannon, a former advisor to President Donald Trump. In 2020, Guo and Bannon announced a joint initiative aimed at overthrowing the Chinese government.
Guo’s Conviction and Awaiting Sentencing
Guo was convicted in July 2023 for orchestrating the billion-dollar fraud. Prosecutors said the scheme victimized individuals in the U.S. and globally. Guo’s sentencing is still pending.
