During his trial for racketeering and fraud charges, exiled Chinese businessman Guo Wengui was accused by prosecutor Ryan Finkel of spending hundreds of millions of dollars, raised from online followers, on sham investments such as luxury items including a red Lamborghini and a yacht. Finkel’s closing argument emphasized Guo’s repeated assurances on social media that investors in his schemes from 2018 to 2023 would not suffer financial losses.

Guo has pleaded not guilty to all 12 counts. His defense team is expected to present their closing argument later. Finkel alleged that Guo raised over $1 billion through fraudulent investment and cryptocurrency schemes, some of which were purportedly intended to aid individuals oppressed by China’s communist government.

During the trial in federal court in Manhattan, jurors were shown the red Lamborghini keys found by U.S. authorities in Guo’s Connecticut estate garage, along with videos of him pitching investments while aboard a yacht. Finkel highlighted a July 2022 video where Guo claimed responsibility for any financial losses, despite having filed for bankruptcy five months earlier. Guo, who has been in jail since his March 2023 arrest, appeared in court in a light gray suit and occasionally smiled during Finkel’s presentation.

Defense lawyers have previously asserted that Guo’s enterprises were legitimate and aimed at fostering opposition to China’s government.

Finkel acknowledged that Guo, a former real estate developer who fled China in 2014 amidst an anti-corruption crackdown, had been targeted by Chinese authorities. However, he emphasized that this was unrelated to the charges in the current case.

“Miles Guo was targeted by the CCP? Yes,” Finkel stated, referring to the Chinese Communist Party. “Does that justify his actions? No.”

Prosecutors allege that Guo used multiple aliases, including Miles Guo and Miles Kwok.

Finkel also presented jurors with a video of former Donald Trump adviser Steve Bannon endorsing one of Guo’s projects during a 2018 press conference.

According to Finkel, Guo paid Bannon $1 million under a consulting agreement intended to bolster legitimacy for his anti-Chinese Communist Party efforts.

Bannon is not accused of wrongdoing in this case. However, it was aboard Guo’s $37 million yacht, the Lady May, where Bannon was arrested in 2020 in an unrelated fraud case. Bannon was subsequently pardoned near the end of Trump’s presidency and had pleaded not guilty.