Chinese billionaire accused of cheating thousands out of $1 billion

A wealthy Chinese businessman named Guo Wengui tricked many people into giving him $1 billion. He used this money to buy expensive things like a mansion, two yachts, and a $35,000 mattress. The prosecutor said Guo promised his followers they would become rich, but instead, he spent their money on a lavish lifestyle and risky investments. Guo's defense attorney, Sabrina Shroff, argued that Guo was not guilty of the charges against him. She explained that Guo had been wealthy for a long time due to real estate investments in China. Shroff said Guo wanted to show the people of China an alternative to the Chinese Communist Party, which angered the Chinese government. Guo became famous on the internet after 2017 by talking about his wealth and criticizing the Chinese government. The prosecutor said Guo tricked thousands of people into giving him money for fake investments so he could continue living luxuriously. Guo and his family owned many expensive assets, including a $70 million apartment, luxury yachts, a mansion, a pricey mattress, a fancy TV, and luxury cars. The trial did not mention Steve Bannon or other associates of former President Donald Trump, but it was expected that their names might come up during the trial. Guo had a close relationship with Bannon while living in New York. The prosecutor referred to Guo as "Miles Guo," his commonly known name, and explained how he deceived people to fund his extravagant lifestyle. The defense argued that being wealthy does not make someone a criminal.