Forbes StaffOn March 15, 2023, firefighters responded to a mysterious fire at the Sherry-Netherland, a luxury hotel and co-op building located on New York City’s Fifth Avenue, overlooking Central Park. Reporting live from the sidewalk below, Fox 5’s Chris Welch expressed some disbelief at the unfolding situation. “The FBI is confirming that the apartment where the fire broke out—listen to this—was the same one where a Chinese billionaire and Steve Bannon associate was arrested just hours earlier,” he remarked.
The billionaire in question is Miles Guo, who has lived under multiple aliases. Guo’s rise to wealth is a classic “rags to riches” story, as he emerged from poverty to become one of China’s wealthiest real estate developers. However, in 2015, he defected to the U.S. and reinvented himself as a vocal critic of the Chinese Communist Party (CCP). Over time, he befriended prominent right-wing figures like Steve Bannon, joined Donald Trump’s Mar-a-Lago club, and invested in the social media platform Gettr, founded by Trump’s advisor Jason Miller. Throughout his endeavors, Guo has been dogged by suspicions that he may have been covertly working with either the U.S. government, Chinese intelligence—or possibly both. The cause of the fire remains unconfirmed.
At his trial, Assistant U.S. Attorney Juliana Murray characterized Guo as an “opportunist” and a “fraudster.” In late 2023, a jury convicted him of racketeering, securities fraud, and money laundering. Guo was found guilty of defrauding his followers out of nearly $1 billion through various investment schemes tied to his right-wing media outlet, which he founded in 2017, and his purported mission to overthrow the Chinese government.
Guo’s conviction marks the culmination of a life marked by opportunistic business dealings. Following his conviction, U.S. Attorney Damian Williams said, “Guo brazenly operated several interrelated fraud schemes designed to fleece his loyal followers out of their hard-earned money so that Guo could indulge in a life of luxury, including his 50,000-square-foot mansion, $1 million Lamborghini, and $37 million yacht. Today, Guo’s schemes have been put to an end.”
The details surrounding Guo’s life remain hazy. The New York Times estimates his age to be anywhere from 54 to 57. Originally from a poor family in rural China, Guo was involved in various businesses during the 1990s, including running a furniture company, before shifting his focus to real estate.
Ahead of the 2008 Beijing Olympics, Guo embarked on a project to develop a hotel and office complex near the Olympic grounds. When a local official attempted to block the project, Guo reportedly exposed a compromising video of the official, allegedly provided by a powerful Chinese intelligence figure named Ma Jian. This led to the approval of his permit, and in 2008, he opened the Pangu 7 Star Hotel, self-claimed as the only seven-star hotel in the world, alongside a nearby office complex.
However, Guo’s fortunes began to change with the rise of Xi Jinping in 2013. Xi’s anti-corruption campaign led to the arrest of Ma Jian in 2015 and increasing scrutiny of Guo’s business dealings. By then, Guo had already fled China, using a letter of recommendation from former British Prime Minister Tony Blair to help him secure political asylum in the U.S. He spent $68 million on a penthouse at the Sherry-Netherland—the same apartment that caught fire in 2023.
Guo’s activities in the U.S. quickly attracted widespread attention. In 2017, he launched GTV, a media platform aimed at exposing corruption within China. He positioned himself as a “whistleblower” and sought political asylum, garnering followers—many of them Chinese expats—who supported his mission to expose the CCP’s activities. Guo even appeared in 2020 alongside Bannon to launch the New Federal State of China, a movement aimed at overthrowing the Chinese government.
Guo’s ventures grew to include a media network, a cryptocurrency, a members-only social club, and even a fashion line. However, his operations faced increasing scrutiny from U.S. authorities. In 2021, the SEC charged his media network with selling unlicensed securities, resulting in a $539 million fine, and GTV went dark shortly after.
By the time the FBI arrived at Guo’s doorstep in 2023, his wealth had been dispersed through various ventures, shell companies, and family members. Guo claimed to be financially destitute and filed for bankruptcy, but the government had already built a substantial case against him.
The indictment from the Department of Justice accused Guo of defrauding thousands of people out of approximately $1 billion through investment schemes. Among the lavish gifts he purchased were private jets, nearly $1 million worth of rugs, and a $53,000 fireplace log cradle holder. The indictment also named a co-conspirator, Kin Ming Je (also known as William Je), who is believed to be outside the U.S.
Despite the conviction, many questions about Guo’s background remain unresolved. Reports suggest that Guo may have been involved in covert operations for the Chinese government before fleeing the country. Once in the U.S., he met with American intelligence officials. In 2017, China requested his extradition on charges of bribery and rape, but the Trump administration never pursued the matter.
Guo’s involvement in organizing harassment campaigns against Chinese dissidents in the U.S. has further fueled speculation that he was conducting a counterintelligence operation for China, or that his role in the U.S. was to sow discord and division. One U.S. official remarked, “You could make a circumstantial argument that this guy is here to mess with us—just tie us in knots.”
In the end, Guo’s ability to navigate the complexities of U.S.-China relations allowed him to rise to remarkable heights in both countries—until his downfall.
