Chinese businessman Guo Wengui – also known as Miles Guo and several other names – was convicted on nine out of 12 counts for a billion-dollar fraud scheme by a New York jury on Wednesday. Guo was found guilty of racketeering, money laundering, wire fraud, and securities fraud for allegedly conning thousands of online followers out of more than $1 billion with various investment and cryptocurrency schemes between 2018 and 2023. Guo allegedly spent the money on what prosecutors called an “extravagant lifestyle,” which included a gigantic mansion, a yacht, expensive sports cars, a portfolio of high-priced real estate, and a vast collection of other luxuries.