Chinese businessman Guo Wengui (Miles Guo) was convicted of fraud in the United States and faces decades in prison

ChainCatcher news, according to CoinDesk, exiled Chinese businessman Miles Guo has been convicted of defrauding his supporters and orchestrating a $1 billion scam involving his company GTV Media Group.

U.S. Attorney Damian Williams stated in a press release: "Today, Guo's scheme has been exposed. Just now, the jury unanimously found Guo guilty of extortion and multiple counts of securities fraud, wire fraud, and money laundering. He faces decades in prison."

In addition to the criminal trial, the U.S. Securities and Exchange Commission has also charged Guo with raising $500 million from retail investors to establish a cryptocurrency venture called H-Coin, falsely claiming that 20% of the company's assets were backed by gold.