An accomplice of self-exiled, jailed Chinese billionaire Miles Guo was sentenced Monday to 10 years in prison in the $1 billion fraud case against the convicted shyster.
U.S. District Judge Analisa Torres sentenced 45-year-old Yvette Wang, who also goes by Yanping, to 10 years in prison for conspiracy to commit wire fraud and conspiracy to commit money laundering for helping orchestrate a “sprawling and complex scheme” to bilk thousands of online followers of investment money, the U.S. Department of Justice said in a statement.
Guo, who is also known by several aliases but was born Guo Wengui, had been jailed as a potential flight risk since his March 2023 arrest. After a seven-week trial, he was convicted last July on nine of 12 criminal counts that included racketeering conspiracy as well as securities fraud, wire fraud and money laundering.
Wang would have been tried alongside her former boss, but instead pleaded guilty last May, admitting she had helped manage the fraudulent investment empire, averting a potential life sentence. Wang said she had conspired with Guo and others to defraud would-be investors from 2018 through March 2023.
Wang was an “integral part of the conspiracy and knew what she was doing was illegal,” Torres said at the sentencing hearing.
“I take full responsibility and I’m very sorry for my actions, your honor,” Wang said when she pleaded guilty last May.
Promising crypto and stock, the pair and their team took in more than $1.4 billion from investors, channeling the money through several organizations to fund personal purchases. Those included a “a 50,000 square foot New Jersey mansion; various furniture and decorative items including, among other items, Chinese and Persian rugs worth approximately $978,000, a $62,000 television, and a $53,000 fireplace log cradle holder; a $900,000 Lamborghini, and a custom-built Bugatti sports car for approximately $4.4 million,” the Justice Department said.
Guo also gained notoriety for palling around with Trump advisor Steve Bannon, whose 2020 arrest on his own fraud charges took place on the tycoon’s yacht.
Wang must also serve three years of supervised release concurrently on each count and will pay $1.4 billion in forfeiture. Guo’s sentencing is still pending.