Chinese tycoon sentenced to 30 years in US jail

An important development from the financial markets: Chinese tycoon sentenced to 30 years in US jailImage source, via Getty ImagesImage caption, Chinese businessman Guo Wengui, or Miles GuoByOsmond ChiaBusiness reporterPublished34 minutes agoGuo Wengui, who was once believed to be one of China's richest businessmen, has been sentenced to 30 years in jail in the US for running a billion dollar scam. The former property tycoon had fled China to the US in 2017, where he reinvented himself as a Communist Party critic and built a loyal online following. But Guo was later convicted on charges of racketeering, fraud and money laundering.

New York court judge Analisa Torres said Guo had "preyed on those seeking to bring democracy to China", taking their money to fund his lavish lifestyle. Guo - who goes by several names, including Miles Guo and Ho Wan Kwok - was sentenced in a courtroom packed with his supporters. US attorney Sean S Buckley told the : "Rather than being satisfied with the many legitimate opportunities afforded to him, Guo exploited the trust that thousands had placed in him for his own greed.

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""Today's sentence shows that fame and wealth do not place you above the law, and that fraudsters who victimise families to enrich themselves will be met with significant consequences," Buckley said. Before fleeing China, Guo built a fortune as a property developer and had good ties with the country's government. But he sought asylum in the US after being accused by top Chinese officials of corruption.

Guo became a critic of China's Communist regime and cultivated a wide online following among the Chinese community in the US. He built ties with other China critics, including Steve Bannon, a former adviser to US President Donald Trump. Prosecutors said Guo raised more than $1bn (£760m) from online followers, who joined him in investment and cryptocurrency schemes between 2018 and 2023.

The money he raised was used to fund Guo's lavish lifestyle which included a 50,000 square foot mansion, a $1m Lamborghini and a $37m yacht, they said. Guo denied the allegations, saying the funds were used for his political activism.

Economists are analysing what the news means for the markets.