In 2015, a Chinese billionaire named Miles Gore left the country and moved to New York City He left China to avoid what he claimed was politically motivated persecution from the Chinese government. When he came to America, he brought a lot of money with him, buying an 80 million dollar apartment in New York City a luxury yacht and a 3 million dollar Bugatti sports car. He started a Chinese language YouTube channel where he purports to expose corruption and other malpractice at the highest levels of the Chinese government. The channel has been highly successful, amassing hundreds of thousands of viewers and hundreds of millions of views.

His Unapologetic criticisms of the Communist party has made him extremely popular within a certain segment of the right-wing political movement within the U.S for example, he's made frequent appearances with Steve Bannon who previously served as the manager of Donald Trump's successful 2016 presidential bid Goa has brilliantly managed his Public Image portraying himself as a billionaire who has dedicated his life in vast Fortune trying to take down the oppressive Chinese regime. This made him hugely influential with Chinese American immigrants, many of whom are disillusioned with the Communist party for a variety of reasons. The problem is, the entire thing was a complete fraud from the beginning since coming to the U.S Guo has not been focused on taking down the Chinese Communist party. Instead, he has been focused on a massive web of financial fraud costing victims an estimated one billion dollars.

The victims were overwhelmingly Chinese Americans the very people that Goa claimed to be fighting for. in this video. we'll look at how Miles Gula gained the trust of the Chinese-american community and how he used this trust to orchestrate one of the largest frauds in U.S history. Before we go any further, I'd like to thank today's video sponsor Constant Contact Running a small business is tough.

One particularly time-consuming task is writing text for email marketing campaigns and social media posts. Constant Contact is a tool set that's specifically designed to support and help small businesses like yours. Thrive Sometimes you hit a wall and you can't seem to come up with a great email. Well, no worries, because Constant Contact's new AI content generator automates the writing process and creates engaging messages in seconds.

This powerful tool leverages their proprietary data and AI algorithms along with Cutting Edge chat GPT technology to craft high quality content that your customers will love. Just toss in a few key words and you get great email content tailored to your needs. Beyond Email marketing Constant Contact lets you easily manage your social media presence from Instagram to LinkedIn schedule posts, responsive messages, and keep track of your performance, all from a single user-friendly dashboard. And here's the best part.

The AI generator is currently free for all new content. Contact customers, but only for a limited time. So if you run a small business or do any email or social media marketing, make sure you start your free risk-free trial today and use promo code WSM for 30 off your first three months as a paying subscriber. Just click the link in the description below to get started with this special offer.

Foreign made his multi-billion dollar Fortune as a real estate developer in China building skyscrapers in the capital city of Beijing. Allegedly the reason he was so successful is because he took Secret videos of high-ranking Chinese officials having Affairs or engaging in other embarrassing activities. He would use these videotapes to Blackmail them into helping in his corrupt dealings. These government officials would sell him land in the central business district for below market prices, allowing him to bag massive gains in 2013.

Used the profits from his real estate developments to acquire a Chinese Investment Bank called Minzoo Securities At the time, Minz Zoo was owned by a state-owned Enterprise Goa allegedly used his connections to arrange the sale at a fraction of the fair market value. He ended up acquiring Minzoo for 2 billion Chinese Yuan A couple years later, he sold it to a bigger Chinese Investment Bank for 20 billion. Throughout the 2000s and early 2010s, Guo was living a life of luxury owning a half dozen Villas and dozens of sports cars and Yachts but in or around 24 14. he could see how the walls were starting to close in.

MA Jan A high-ranking government official who helped with many corrupt dealings became the subject of an anti-graft investigation If he stayed in China his time as a free man would be limited. so he bought a one-way ticket to New York City bringing all the money with him that he could. Shortly after he fled. Chinese prosecutors charged school with just about every crime you can imagine including bribery, fraud, money laundering, kidnapping, and even rape.

But because the US has no extradition treaty with China, Guo was safe living in an 80 million dollar apartment that he purchased in Manhattan. Goa categorically denied any wrongdoing and claimed that he was a victim of politically motivated persecution. He applied for political asylum in the U.S He also started a Chinese language YouTube channel where he would purport to expose corruption and other malfeasance at the highest levels of the Chinese government. In 2015 Donald Trump announced his presidential campaign.

Trump was very critical of the Chinese government. He thought they were taking advantage of America with unfavorable trade deals and this became one of the key issues of his campaign. The rising anti-china sentiment created a massive opportunity for Guo by portraying himself as a victim of the corrupt. Chinese Communist Party He could make himself into a political Superstar Foreign started making frequent appearances on right-wing media Outlets where he would lambast the Chinese Communist Party Given his previous status has a well-connected businessman, it's plausible that he would be aware of government corruption.

He used this credibility to publicly call out specific members of the Chinese establishment in YouTube videos. Of course, there was no way to independently verify any of his allegations, and none of the people he exposed were ever criminally charged. He also became a close personal friend of Steve Bannon the manager of Trump's 2016 campaign. The peak of his popularity came when he released a hip-hop music video called Take Down The CCP.

In the music video, he displayed his luxurious lifestyle standing on his balcony overlooking Central Park and standing on his multi-million dollar yacht. This raises the question: how did Miles School have so much money? He was a billionaire in China but the majority of his wealth was in real estate assets which were frozen by the Chinese government since integrated to the U.S Miles Gull founded a number of business ventures including GTV Media Group G News, G Fashion, G clubs and a cryptocurrency called the Himalaya Coin or H-coin For short, GTV Media was created in April of 2020 and Steve Bannon was listed as one of the company's directors in documents given to prospective investors. GTV Said it aimed to build the most popular and safest social media platform independent of the Chinese government's censorship and monitoring, allowing the people of China and the world to realize freedom of speech. It's unclear what GTV Media actually did, as their website is no longer operational.

However, they did own a website called Gnews.org which is still up and running today. It's a News website full of Articles critical of the Chinese government. Most of the Articles have a couple hundred views and a dozen or so comments, the majority of which appear to be written by Bots. It generates Revenue through advertising, but given the tiny readership of the Articles, the revenue generated is negligible.

Goal: Use his large social media presence to raise capital from his hundreds of thousands of followers. In total, he allegedly raised 452 million dollars by selling shares in GTV Media. GTV was never registered with the SEC and did not list on any Stock Exchange but Guo claimed that if you send him money, you can purchase an ownership stake in the Venture. So why were investors willing to give so much money to a company that appears to have little, if any Revenue Gua claimed that GTV would use Big Data artificial intelligence and blockchain.

Technology It's unclear how any of those Technologies could be incorporated into their business, which appears to be just an online news website. The initial offering price of GTV shares was one dollar per share. Shortly after the offering, Goa claimed on his YouTube channel that the price had increased to 18 per share in secondary Market transactions. It's unclear how these secondary Market transactions took place as GTV Media was not listed on any Stock Exchange.

He claimed this 18 share price gave the company a 20 billion valuation and that he expected the valuation to increase to 100 billion dollars if the company went public. In addition to selling equity in GTV, Guo raised 150 million dollars by issuing convertible notes. After three years, these notes could be converted into one share of GTV for each dollar if principal invested. with each share of GTV supposedly being worth 18.

These gave investors an opportunity to 18x their money. In three years, all these offerings were sold to Ghoul's followers on social media. He followed a similar Playbook with his other two companies G Fashion and G Clubs, raising hundreds of millions of dollars from his followers with the promise of high returns. G Fashion was a luxury apparel brand G Clubs was a luxury service which would help you plan vacations.

I Could find no evidence that G Clubs ever provided any services to its customers in none of these business ventures ever generated significant. Revenue Gore's most ambitious Venture was his cryptocurrency called the Himalaya coin or H-coin For short, he launched it in 2021 at the peak of the crypto bubble. He claimed that 20 of the coin's value was backed by physical gold and investors would be able to earn high interest rates by holding the coin. He published a promotional video on his YouTube channel called H Coin to the Moon where he claimed that countries around the world would soon start recognizing H coin as legal tender.

When this happens, the value of Agecoin will explode and surpass Bitcoin as the world's largest cryptocurrency. In conjunction with his initial coin offering goal, released a so-called white paper which really wasn't a white paper at all. It was basically a sales pitch trying to convince people to buy the coin. One of the pages in the white paper displayed a chart saying they expect the H coin to generate returns higher than any other asset class.

Goa and his associates raised 500 million dollars by selling age coins. This brought their total fundraising to over 1 billion dollars across their various investment offerings. Now we can start to get an idea of how a fun ended his lavish lifestyle. Gula Claimed that he would use the money raised to grow the various business ventures and ultimately deliver High returns for his investors.

However, he never had any intention of doing this. He allegedly misappropriated the funds to pay for his and his family's own personal expenses. For example, Miles spent close to 40 million dollars to buy, renovate and furnish a 50 000 square foot mansion in New Jersey These Renovations included one million dollars worth of handmade Persian and Chinese rugs as well as a sixty nine thousand dollar television. He also bought a three and a half million dollar Ferrari 800, 000 Lamborghini and a 2.9 Million Dollar Bugatti all either owned in his name or the names of his children.

The boat that is prominently shown on Ghoul's YouTube videos was a 37 million dollar yacht called Lady May. It too was allegedly purchased with investor money. Not all the money went to Gore's personal expenditures. Some of it was invested, but not in the way that Goa claimed in his offering documents, Guo allegedly invested 100 million dollars into an unnamed hedge fund, which is generically referred to as Hedge Fund A.

In the Sec's complaint, Hedge Fund A's investment strategy involved taking positions in various Asian currencies, particularly the Hong Kong Dollar. According to Media reports, hedge Fund A was Haman Capital run by Kyle Bass. Kyle Bass has long been bearish on the Chinese economy and critical of the Chinese government. This made him a natural Ally of Miles Gore.

In fact, Bass previously promoted Mile School by interviewing him and having the interview distributed widely across social media. For decades, the Hong Kong Monetary Authority has maintained a fixed exchange rate to the U.S dollar. It might fluctuate by a few fractions of a percent, but they keep it within a tight range between 7.7 and 7.85 Hong Kong dollars per US dollar. Following the 2019 protests in Hong Kong Kyle Bass thought that investors would pull their money out of the city.

This would cause the Hong Kong Monetary Authority to run out of dollar reserves and they'd be forced to devalue the exchange rate. Bass was so confident that he used derivatives to establish a 200 times leveraged position, shorting the Hong Kong dollar. As it turned out, Bass was wrong, the Hong Kong Dollar maintained its pay, which incurred huge losses for the hedge fund. Goa Incurred losses of 30 million dollars by investing in that hedge fund.

He was basically gambling with stolen money and lost big time in March of 2023. Almost three years after his alleged fraudulent activity began, Miles Guo was arrested and is today awaiting trial in a New York jail cell. He faces multiple counts of wire fraud, Securities fraud and money laundering related to his numerous investment offerings. He's facing a maximum prison term in excess of 100 years.

The Department of Justice was able to seize 643 million dollars worth of assets including the New Jersey mansion and a Bugatti sports car. But given that a lot of the money has already been squandered, victims are expected to receive less than half of their original investments. Even after Guo was arrested, his website Gnews continues to operate. They published an article saying the Chinese Communist party has infiltrated the U.S Department of Justice and is persecuting Goal for political reasons.

They provide no evidence to substantiate this claim. The vast majority of Ghoul's victims were Chinese Americans who were disillusioned with a Communist Party The Very people that Goa claimed to be fighting for. This was no accident. goal was running a so-called Affinity fraud.

An affinity fraud is where fraudster specifically targets members of their own ethnic religious or social group. Because the fraudster is a member of the group, victims are more likely to trust them. We've seen this play out many times before throughout history. For example, Bernie Madoff was Jewish and his victims were also disproportionately Jewish.

So let this serve as a sobering reminder to us all. even when the person on the other side of the screen speaks to her language or seems to share your values. Remember to protect yourself Fraud Knows No Boundaries And neither should your vigilance. Alright guys, that wraps it up for this video.

What do you think about Miles? Gua Let us know in the comments section below. As always, thank you so much for watching and we'll see you in the next one. Wall Street Millennial Signing out.