NEW YORK (AP) — Yvette Wang, the chief of staff to exiled Chinese business tycoon Miles Guo, was sentenced to 10 years in prison for her involvement in a massive fraud scheme that defrauded thousands of investors of approximately $1.4 billion.
Wang, 45, worked alongside Guo and co-conspirator Kin Ming Je from 2018 to March 2023 to persuade people to invest in fraudulent ventures, including the Rule of Law Foundation, a fake nonprofit targeting the Chinese Communist Party, and the Himalaya Exchange, a bogus cryptocurrency platform. The FBI seized the latter in connection with their investigation.
Wang was charged with wire fraud, securities fraud, and money laundering. Federal agents arrested her in March 2023, discovering $130,000 in cash at her residence. As part of the scheme, Wang helped funnel funds into lavish purchases, including a $50 million mansion in New Jersey, nearly $1 million worth of rugs, a $4.4 million Bugatti sports car, and more.
In addition to the prison term, Wang received three years of supervised release, was ordered to forfeit $1.4 billion, and had her assets seized. Her attorney did not immediately respond to requests for comment.
Guo, who is awaiting sentencing after his conviction in July, used his status as a dissident and self-proclaimed billionaire to lure investors. His ventures included a $50,000-a-year club membership and a social media platform, GTV, which was funded with $452 million by investors who saw it as a combination of “big data, artificial intelligence, blockchain technology, and real-time communication.”
However, much of the funds intended for these ventures were instead laundered to a relative of Guo.
Guo faces decades in prison for his role in the scheme, and Je, a dual citizen of Hong Kong and the UK, faces 20 additional years for obstruction of justice.