He also faces charges from the U.S. Securities and Exchange Commission (SEC). Gurbir S. Grewal, Director of the SEC’s Enforcement Division, stated, “We allege that Guo Wengui is a serial fraudster who raised over $850 million by promising investors excessive returns through supposed investments in cryptocurrencies, technology, and luxury goods. In reality, Guo used hype surrounding cryptocurrencies and other investments to deceive thousands of victims and fund his own and his family’s lavish lifestyle.”
Guo Wengui Convicted of Nine Charges Defrauding Billions of Dollars through HCoin Cryptocurrency