Chinese Economy: General News, Updates and Discussions

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[Nan Yang]

Feds Seize Bugatti Chiron, Lamborghini Aventador SVJ Among Other Cars in Billion-Dollar Racketeering Case​

Chinese businessman Miles Guo has been sentenced to 30 years in a U.S. prison.
By Emmet WhitePublished: Jul 01, 2026 11:39 AM EDT

DOJ Southern District of NY
On Tuesday, Chinese businessman Guo Wengui, also known as Miles Guo, was sentenced to 30 years in a United States prison after being found guilty of racketeering conspiracy, conspiracy to commit wire fraud, securities fraud, and money laundering. But before his fraud empire was broken up, Guo had purchased a Lamborghini, a Rolls-Royce, and a Bugatti—all of which are now in federal custody.

U.S. District Judge Analisa Torres said during sentencing that Guo schemed to solicit over $1 billion through "false statements and misrepresentations" of programs and initiatives sold to his thousands of online followers. Guo had been initially convicted on July 16, 2024, but wasn't sentenced until June 30, 2026.

Court documents and evidence admitted at trial claim that the fraud began in 2018, when the exiled businessman used charitable funds to launch an unregistered stock in his media venture, GTV; Guo, 55, amassed significant wealth through various bait-and-switch schemes, and was quick to purchase the accompanying material symbols.



Pictures provided by the U.S. Attorney's Office of the Southern District of New York show what appear to be a mint-condition Lamborghini Aventador SVJ and a Bugatti Chiron stored inside one of Guo's properties. Federal prosecutors claim the Lamborghini was priced upwards of $832,000, while the base price for a Bugatti Chiron at launch sat around $3 million. Aftermarket values have since climbed upwards of $5 million. Authorities also say Guo purchaed "two multimillion-dollar sports cars" for his son, but does not specify their make or model

A $26.5 million mansion in New Jersey owned by Guo was also seized, alongside the luxury vehicles. All told, a total of $889 million in proceeds from Guo's illegal schemes were forfeited to the federal government.

"Miles Guo led a massive scheme to steal more than $1 billion through lies and deception from thousands of Americans and victims around the world," said Sean Buckley, attorney for the United States. "After immigrating to this country, 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. This sentence shows that fame and wealth do not place you above the law, and that fraudsters who victimize families to enrich themselves will be met with significant consequences."

 

[Viet]

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That dominance is ridiculous that leaves other countries to fight for the rest of market share. Very few will remain in few years.