According to Foresight News, Chinese businessman Miles Guo has been convicted by U.S. prosecutors in New York for orchestrating a multi-billion dollar fraud scheme involving his company, GTV Media Group. The jury unanimously found Guo guilty of conspiracy to commit racketeering, various securities fraud, wire fraud, and money laundering charges. Guo now faces several decades in prison.

In addition to the criminal trial, the U.S. Securities and Exchange Commission (SEC) has accused Guo of a scheme to raise $500 million from retail investors for a cryptocurrency enterprise named H-Coin. Guo falsely claimed that 20% of the enterprise was backed by gold. Guo was arrested in New York in March 2023 and has remained in custody since then.