--- type: court_doc id: "court_sdny_864_0" court: "SDNY" case_no: "23-cr-00118" doc_number: 864 doc_type: "TRANSCRIPT" filed_date: "2026-07-15" lang: "zh" url: "https://mubeitech.com/court/court_sdny_864_0" json_url: "https://mubeitech.com/api/court/court_sdny_864_0" --- # Q6T1GUOS 1 UNITED STATES DISTRICT COURT **判决听证会官方记录笔录 —— 美国诉 Ho Wan Kwok（郭文贵 / Guo Wengui / Miles Guo）案，SDNY 23-CR-118 ECF #864（2026-07-15立案）。该文件记录了2026年6月29日由 Analisa Torres 法官主持的量刑听证过程，包括控辩双方出庭情况、对量刑前报告（PSR）的确认与审阅，以及辩方就损失金额计算等事实争议提出举行 Fatico 证据听证会的申请。** > 原始法庭文件为英文；下方为英文全文，顶部为中文摘要。 Q6T1GUOS 1 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK 2 ------------------------------x 3 UNITED STATES OF AMERICA, 4 v. 23 Cr. 118 (AT) 5 MILES GUO, 6 Defendant. Sentencing ------------------------------x 7 New York, N.Y. June 29, 2026 8 11:05 a.m. 9 Before: 10 HON. ANALISA TORRES, 11 District Judge 12 APPEARANCES 13 JAY CLAYTON United States Attorney for the 14 Southern District of New York BY: RYAN B. FINKEL, ESQ. 15 MICAH F. FERGENSON, ESQ. JULIANA N. MURRAY, ESQ. 16 JUSTIN HORTON, ESQ. Assistant United States Attorneys 17 SARAFA ZELLAN PLLC 18 Attorneys for Defendant BY: MELINDA M. SARAFA, ESQ. 19 LAW OFFICES OF JOSHUA L. DRATEL, P.C. 20 Attorneys for Defendant BY: JOSHUA L. DRATEL, ESQ. 21 DOAR RIECK KALEY & MACK 22 Attorneys for Defendant BY: JOHN F. KALEY, ESQ. 23 ALSO PRESENT: DAVID NAGUIB, Paralegal Specialist, USAO 24 STEPHANIE LIU, Interpreter (Mandarin) I CHING NG, Interpreter (Mandarin) 25 SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 THE COURT: Good morning. We're here in the matter of 2 United States v. Guo. 3 Counsel, please make your appearances. 4 MR. FINKEL: Good morning, your Honor. Ryan Finkel, 5 Juliana Murray, Micah Ferguson, Justin Horton, and David 6 Naguib, who is a paralegal in our office. 7 MS. SARAFA: Good morning, your Honor. Melinda 8 Sarafa, John Kaley, and Joshua Dratel for Miles Guo, who is not 9 present. 10 THE COURT: Please be seated. 11 I'm informed by the Marshals Service that Mr. Guo is 12 delayed by a couple of hours, and so he will be joining us at 13 about 1 p.m., and so we will adjourn until that time. 14 (Recess) 15 (Pages 3-30 SEALED by order of the Court) 16 17 18 19 20 21 22 23 24 25 SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 (4:01 p.m.) 2 THE COURT: Good afternoon. This matter is on for 3 sentencing in United States v. Miles Guo. 4 Would you make your appearances, please. 5 MR. FINKEL: Yes, your Honor. Ryan Finkel, Juliana 6 Murray, Micah Fergenson, and Justin Horton for the United 7 States. We're joined at counsel table by David Naguib, who is 8 a paralegal in our office. 9 MS. SARAFA: Good afternoon, your Honor. Melinda 10 Sarafa, John Kaley, Joshua Dratel for Miles Guo, who is also 11 present at counsel table. 12 THE COURT: Please be seated. 13 I'm now addressing this question to the defense. Who 14 is going to be speaking for Mr. Guo at this time? 15 MS. SARAFA: Your Honor, we have divided up 16 responsibilities, so different attorneys will speak to 17 different portions of the proceedings. Mr. Dratel will be 18 addressing the presentence report. I will be addressing the 19 Court with respect to Mr. Guo and our sentencing presentation. 20 THE COURT: Mr. Dratel, have you read the presentence 21 report? 22 MR. DRATEL: Yes, your Honor. 23 THE COURT: And did you discuss it with Mr. Guo? 24 MR. DRATEL: Yes. 25 THE COURT: Was it translated for him? SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 MR. DRATEL: Yes. 2 THE COURT: Mr. Guo, your lawyer has said that he has 3 read the presentence report and that the report was translated 4 for you. Did you read the presentence report? 5 THE DEFENDANT: (In English) Yes, your Honor. 6 THE COURT: Did you discuss it with your attorney? 7 THE DEFENDANT: (Through the interpreter) Yes. 8 THE COURT: Has the government reviewed the 9 presentence report? 10 MR. FINKEL: Yes, your Honor. 11 THE COURT: Mr. Guo has raised numerous factual 12 objections to the report. 13 "Fact-finding at sentencing is made by a preponderance 14 of the evidence." See United States v. Bellomo, 176 F.3d 580, 15 595 (2d Cir. 1999). 16 Mr. Guo requests an evidentiary hearing, or Fatico 17 hearing, to resolve his factual disputes with the report, 18 particularly with respect to the calculation of the loss 19 amount. 20 A Fatico hearing is a presentence evidentiary hearing 21 during which the parties are permitted to present evidence and 22 arguments on disputed factual matters relevant to sentencing. 23 See United States v. Fatico, 603 F.2d 1053 (2d Cir. 1979). 24 A "district court is not required, by either the Due 25 Process Clause or the federal Sentencing Guidelines, to hold a SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 full-blown evidentiary hearing in resolving sentencing 2 disputes." United States v. Phillips, 431 F.3d 86, 93 (2d Cir. 3 2005); and United States v. Litwock, 611 Fed. App'x 12, 16 (2d 4 Cir. 2015). All that is required is that the defendant have 5 "some opportunity to rebut the Government's allegations." 6 United States v. Slevin, 106 F.3d 1086, 1091 (2d Cir. 1996). 7 I have closely reviewed Mr. Guo's sentencing 8 submissions, which articulate his objections to the presentence 9 report. I have also carefully reviewed the substantial record 10 in this case, including the evidence presented at the two-month 11 trial. Having done so, I conclude that I am able to make the 12 factual determinations necessary for sentencing without an 13 evidentiary hearing. 14 I will begin by addressing Mr. Guo's factual disputes 15 unrelated to the loss amount. 16 First, based on my review of the over 230 victim 17 statements submitted by the government, and the trial 18 testimony, Mr. Guo's objection that there are no victims is 19 overruled. 20 Second, I reject Mr. Guo's claim that he did not 21 purport to act on behalf of a "charitable, educational, 22 religious, or political organization or government agency" in 23 connection with his crimes. 24 For example, Mr. Guo founded the Rule of Law Society 25 and told people he would use the money to help the Chinese SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 people. One victim, Jenny Li, testified at trial that she took 2 out a second mortgage on her home to finance Mr. Guo's 3 investments, which started with a $6,000 donation to the Rule 4 of Law Society, made after trusting Mr. Guo's unfulfilled 5 promise that he would donate a hundred million dollars of his 6 own money to the Society first. (See, for example, Trial 7 Transcript pages 1170 to 1180, and 1211 to 1213.) 8 At trial, the Society's former president and 9 treasurer, Karin Maistrello, testified that despite receiving 10 tens of millions of dollars in donations, the organization did 11 "nothing" to help the Chinese people. (See Trial Transcript 12 pages 423 to 424, 471, and 3317 to 3320; and Government Exhibit 13 WA30, Summary of Donations for 2019-2023.) 14 Trial testimony from witnesses Le Zhou, a victim, and 15 Ya Li, one of Mr. Guo's close associates, also shows that 16 Mr. Guo acted on behalf of a political organization——the "New 17 Federal State of China"——by, for example, raising funds through 18 the Farm Loans Program. (See, for example, Trial Transcript 19 pages 221 to 227 and 1376 to 1377.) 20 Third, I overrule Mr. Guo's objection that his 21 fraudulent schemes and money laundering did not involve 22 "fictitious entities" or "shell corporations." 23 At sentencing for Mr. Guo's co-conspirator, Yvette 24 Wang, I found, based on the evidence at Mr. Guo's trial, that 25 the two "created shell companies" as part of their schemes. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 (See Wang Sentencing Transcript, page 56, lines 6-7, filed at 2 ECF No. 491.) I reaffirm that finding today. 3 Fourth, Mr. Guo states that he did not derive more 4 than a million dollars in gross receipts from at least one 5 financial institution. This objection is overruled. I 6 conclude that Mr. Guo "must have profited at least $1 million" 7 from the offense conduct. United States v. Constantinescu, 147 8 F.4th 299, 316 (2d Cir. 25). For example, I find that Mr. Guo 9 and his co-conspirators used G|Club funds that pay personal 10 expenses for Mr. Guo and his family, including the purchase of 11 a multimillion-dollar luxury yacht and mansion. (See, for 12 example, Trial Transcript pages 1957 to 1959, 3064 to 3065, and 13 3701 to 3703.) 14 Fifth, I overrule Mr. Guo's claim that he did not play 15 an organizing or leadership role in the crimes of conviction. 16 Witnesses testified that Mr. Guo was the "top boss," that he 17 was the spokesperson for the various G entities, and that he 18 would have the final say. (See, for example, Trial Transcript 19 pages 421, 1376, 1941, 1995 to 1996, 2978, 2980, and 3162.) 20 Indeed, the jury convicted Mr. Guo of Count One, which 21 alleged that he was the leader of, and directed, the G 22 Enterprise. 23 Sixth, I find that it is more likely than not that 24 Mr. Guo willfully obstructed or impeded, or attempted to 25 obstruct or impede justice, in connection with the SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 investigation, prosecution, or sentencing of this case: 2 As one example, trial testimony shows that Mr. Guo was 3 involved in creating a "blacklist" of former supporters who 4 criticized him, and Mr. Guo then shared their personally 5 identifiable information online. (See, for example, Trial 6 Transcript pages 274 to 276 and 1487 to 1491.) Multiple victim 7 statements refer to the online harassment and intimidation 8 people have experienced for speaking out against Mr. Guo. 9 (See, for example, Statements 3, 4, 106, 113, 175, 190B, 209.) 10 In addition, Mr. Guo——as evidenced by photos retrieved 11 from one of his cellphones and by testimony at trial about 12 statements made during his broadcasts——contributed to and 13 enabled the harassment of the Trustee of his bankruptcy estate. 14 That harassment included protests outside of the Trustee's home 15 and the school where his daughter worked, with graphic signs 16 echoing Mr. Guo's statements on his broadcasts that the Trustee 17 was a "CCP running dog." (See, for example, Trial Transcript 18 pages 252 to 259, 4091, and 4214 to 4218; and Government 19 Exhibits VI 194 and 1B124F.) Mr. Guo even instructed witnesses 20 to throw out subpoenas from the Trustee. (See Trial Transcript 21 pages 1498 to 1499.) 22 I, therefore, overrule Mr. Guo's objection. 23 I now address the factual dispute related to the loss 24 amount. 25 The presentence report found a loss amount of more SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 than $550 million. Mr. Guo argues that there is no loss 2 amount. 3 I will make a few important observations before I 4 proceed with my factual findings. 5 First, based on the top bracket of the guidelines loss 6 table, I only need to find that the loss amount exceeds 7 $550 million to apply the guidelines enhancement calculated by 8 probation. (See U.S.S.G. § 2B1.1(b)(1)(P).) 9 Second, assuming all other enhancements apply, because 10 the total offense level I will calculate greatly exceeds the 11 highest total offense level under the guidelines, a loss 12 calculation of only $3.5 million would result in the same 13 applicable guidelines range. (See U.S.S.G. § 2B1.1(b)(1)(J).) 14 Third, I share several concerns expressed by some of 15 my colleagues that the guidelines place undue weight on the 16 amount of loss involved in the fraud. See, for example, United 17 States v. Emmenegger, 329 F.Supp.2d 416, 427-28 (S.D.N.Y. 18 2004); United States v. Samuel Bankman-Fried, 22 Civ. 673, 19 Sentencing Transcript pages 6 to 7. 20 Finally, although factual findings relating to loss 21 must be established by a preponderance of the evidence, the 22 Second Circuit has said that the Court "need not establish loss 23 with precision but rather 'need only make a reasonable estimate 24 of the loss, given the available information.'" United States 25 v. Uddin, 551 F.3d 176, 180 (2d Cir. 2009). SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 Guidelines Section 2B1.1(b)(1) defines "loss" as the 2 greater of "actual loss" and "intended loss." "Actual loss" is 3 defined as the "reasonably foreseeable pecuniary harm that 4 resulted from the offenses." "Intended loss" is defined as the 5 "pecuniary harm that the defendant purposely sought to 6 inflict." "Reasonably foreseeable harm" is harm "the defendant 7 knew or, under the circumstances, reasonably should have known, 8 was a potential result of the offense." 9 At trial, government expert Paul Hinton estimated that 10 $1.3 billion in individual donations flowed into bank accounts 11 associated with the racketeering enterprise, which the jury's 12 verdict on Count One demonstrates was the result of fraud. 13 See, for example, Trial Transcript pages 4430 to 4332; and 14 Government Exhibit Z26. 15 Mr. Guo disputes the government's loss estimate on 16 several grounds. He states that "inflows to the G-Series 17 entities" do not establish loss because this methodology 18 improperly includes acquitted conduct, fails to account for 19 redemptions, refunds, or double counting, and "erroneously 20 includes funds from individuals who deny they were defrauded." 21 There is no evidence that investors received anything 22 of value before the fraud was uncovered. The inflows into the 23 various G Enterprise entities are, therefore, a reasonable 24 estimate of the loss amount. See, for example, United States 25 v. Stitsky, 536 Fed. App'x 98, 110-112 (2d Cir. 2013). SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 Even if I exclude the $411 million in GTV proceeds 2 from the $1.3 billion figure, which Mr. Guo claims derives from 3 acquitted conduct, the loss estimate would still far exceed 4 $550 million. See Government Exhibit Z26, page 35; see also 5 Affidavit of FBI Special Agent Anthony Alecci, ¶ 18(c), filed 6 at ECF No. 716-2. 7 I note that this exclusion is conservative because GTV 8 inflows are part of the racketeering conspiracy crime of 9 conviction. For example, one witness, Le Zhou, testified that 10 to join G|Club, individuals were first required to purchase GTV 11 stock. See Trial Transcript page 232, and pages 1376 and 4478. 12 In other words, inflows to GTV are connected to the 13 racketeering enterprise as a whole and to other fraudulent 14 schemes. 15 Next, I reject Mr. Guo's claim that the loss amount 16 should be reduced by "returns" or various "credits" he claims 17 are applicable. 18 As an initial matter, the Second Circuit has held that 19 "loss in fraud cases includes the amount of property taken, 20 even if all or part has been returned." United States v. 21 Coriaty, 300 F.3d 244, 251 (2d Cir. 2002). 22 Further, based on testimony at trial, and the parties' 23 submissions, I do not find that Mr. Guo's victims received 24 anything of value—–or that Mr. Guo intended to give them 25 something of value—–that would justify discounting the loss SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 amount. See, for example, testimony of Le Zhou on Trial 2 Transcript pages 409 to 410, testimony of Jenny Li on 3 pages 1211 to 1213, and testimony of Ya Li on pages 1386 to 4 1387. 5 Nor is there evidence that Mr. Guo returned the 6 victims' money before the offense was detected, or that he 7 pledged collateral to the victims. See U.S.S.G. § 2B1.1 cmt. 8 3(D)(i) and (ii). 9 Witness testimony from victims Le Zhou and Wei Chen, 10 and written victim statements, show that individuals sought 11 refund but did not receive them, even when Mr. Guo promised 12 they could withdraw their funds at any time. See, for example, 13 Trial Transcript pages 270 to 272, 4504 to 4505; and Victim 14 Statements 168 and 221. 15 As to potential double counting, Mr. Guo presents only 16 an unsubstantiated statement that G|Club "accepted" Himalaya 17 Exchange funds as "payment methods for G Club membership." He 18 does not offer any evidence establishing this fact, nor does he 19 estimate the percentage of G|Club's inflows potentially 20 attributable to payments made to the Himalaya Exchange. 21 Further, even if I were to entirely exclude the 22 inflows into G|CLUBS due to double counting concerns, inflows 23 into the Farm Loan Program and the Himalaya Exchange alone 24 exceed $550 million and justify my loss calculation. 25 Finally, I do not consider whether a person SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 subjectively regards him- or herself as a "victim" in 2 determining "loss." 3 A person's subjective opinion of their victim status 4 does not determine whether Mr. Guo's schemes were fraudulent, 5 and therefore, their subjective opinion does not impact either 6 the "actual loss" or "intended loss" calculation. 7 I find, by a preponderance of the evidence, that 8 Mr. Guo intended to deceive his victims and take their money 9 for personal gain, rather than his promised initiatives, and 10 that it was reasonably foreseeable that his victims would make 11 the payments they made. Therefore, both the actual loss and 12 the intended loss exceed $550 million. 13 In sum, I reject Mr. Guo's objections and hold that 14 the government's inflow methodology serves as a "reasonable 15 estimate" of the loss attributable to his crimes. Based on the 16 government's estimates of inflows into the various G Enterprise 17 entities, I find, by a preponderance of the evidence, a loss 18 amount of at least $550 million. 19 Mr. Guo's sentencing submission raises over 50 20 additional objections to various paragraphs of the presentence 21 report. I have carefully reviewed each of these objections and 22 find that they either rehash the same objections already 23 overruled, contradict the jury's verdict, or do not ultimately 24 influence my sentence. 25 Are there any objections to the presentence report SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 regarding factual accuracy, that the defense has not already 2 articulated? 3 MR. DRATEL: Your Honor, just——and we do obviously 4 reassert those that we did in writing, but we just wanted to 5 add, based on two subsequent developments. 6 One is the Court's denial of the Fatico hearing, which 7 is Docket No. 855, and the order earlier today approving an 8 order of forfeiture, that's 858, and we think that reinforces 9 two factors. One is that a loss amount cannot be determined 10 based on the current record; and second is that a Fatico 11 hearing is required. And the reason is, as the Court is not 12 deciding at this time the validity of 853(n) petitions, and we 13 believe——and I know the Court feels differently, but we believe 14 that if someone is not defrauded, it is not part of the corpus 15 of the crime; therefore, it cannot be part of a loss figure. 16 So we have more than a hundred million dollars from——that's 17 just two sets of investors, who represent about 7,000 18 investors——who have taken the position there was no fraud; 19 their money is not part of a fraud. That would reduce the loss 20 figure in that regard. And with respect to some of the offsets 21 and the other parts, the trial transcript, the way the Court 22 charged the jury, which is the statute, which is that it 23 doesn't matter whether he had a gain at all, whether he made a 24 dime. So the jury's verdict doesn't establish anything with 25 respect to loss amount. And the trial testimony, by our SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 analysis, would limit that loss amount to less than 2 $1.5 million. And the fact that also the government says, and 3 the Court agrees in the forfeiture order today, that this case 4 is too complicated for restitution, only again reinforces that 5 a loss amount cannot be established on the current record and 6 without a Fatico hearing. 7 And we also think that it should be at a higher burden 8 of proof for the reasons we set forth in our papers. 9 Thank you, your Honor. 10 THE COURT: The government has no objections to the 11 factual findings in the presentence report, correct? 12 MR. FINKEL: That's correct, your Honor. 13 THE COURT: There being no further objections, I adopt 14 the factual recitations in the report. And it shall be made a 15 part of the record and placed under seal. If an appeal is 16 taken, counsel on appeal may have access to the sealed report 17 without further application to the Court. 18 Although courts are no longer required to follow the 19 sentencing guidelines, we are still required to consider the 20 applicable guidelines in imposing sentence, and to do so, it is 21 necessary that we accurately calculate the sentencing range. 22 Following a two-month jury trial—— 23 MR. DRATEL: Your Honor, I'm sorry. I apologize. I 24 missed one that I think the Court may not have discussed in its 25 digest of the objections, and that's with respect to SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 paragraph 116, the 2S1.1(b)(2)(B) guidelines section that 2 applies to the offense involving sophisticated money 3 laundering, and we specifically objected to that. So I don't 4 know if the Court covered that in its review. 5 THE COURT: Yes. I will be addressing that later on. 6 MR. DRATEL: Oh, okay. Thank you, your Honor. 7 THE COURT: Yes. 8 As I was saying, after a two-month jury trial, the 9 defendant was convicted of nine of twelve counts of the third 10 superseding indictment: 11 Count One: Racketeering Conspiracy; 12 Count Two: Conspiracy to Commit Wire Fraud or Bank 13 Fraud; 14 Count Three: Money Laundering Conspiracy; 15 Count Four: Conspiracy to Commit Securities Fraud; 16 Count Seven: Wire Fraud, in connection with the Farm 17 Loan Program; 18 Count Eight: Securities Fraud, in connection with the 19 Farm Loan Program; 20 Count Nine: Wire Fraud, in connection with G|CLUBS; 21 Count Ten: Securities Fraud, in connection with 22 G|CLUBS; and 23 Count Eleven: Wire Fraud, in connection with the 24 Himalaya Exchange. 25 The jury acquitted Mr. Guo of three counts: SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 Count Five: Wire Fraud, in connection with GTV 2 Private Placement; 3 Count Six: Securities Fraud, in connection with GTV 4 Private Placement; and 5 Count Twelve: Unlawful Monetary Transaction. 6 The presentence report calculates a total offense 7 level of 55, and in accordance with guidelines Chapter 5 8 Part A, Application Note 2, because the offense level is more 9 than 43, the report treats the total offense level as 43. The 10 report calculates a criminal history category of I, resulting 11 in a guidelines sentence of life imprisonment. However, in 12 accordance with guidelines section 5G1.2(b), the guidelines 13 sentence applicable here is constrained by the maximum 14 statutorily authorized length of imprisonment, which the report 15 calculates as 2100 months, or 175 years. The report calculates 16 a fine range of $50,000 to $5 million. 17 The government calculates the same guidelines range. 18 Mr. Guo disputes the presentence report's guidelines 19 analysis. I now address each of his objections: 20 First, as discussed earlier in this proceeding, 21 Mr. Guo contends that there is no loss amount. For the reasons 22 I have already stated, I find sufficient support in the record 23 that the loss amount exceeds $550 million and apply the 24 30-level enhancement under guidelines Section 2B1.1(b)(1)(P). 25 Second, Mr. Guo contends the government has not shown SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 that there are more than five victims. In light of the over 2 230 victim statements submitted by the government, and the 3 trial record, which reflects the stunning breadth of Mr. Guo's 4 fraudulent schemes, I agree with probation and apply a 2-level 5 enhancement under Section 2B1.1(b)(2)(A)(i) because there are 6 at least 10 victims. 7 Third, for the reasons I have already stated, I agree 8 with probation that Mr. Guo acted on behalf of a charitable, 9 educational, religious, or political organization, and apply 10 the 2-level enhancement under Section 2B1.1(b)(9)(A). 11 Fourth, like probation, I apply a 2-level enhancement 12 under Section 2B1.1(b)(10) because the offense "involved 13 sophisticated means"——namely, the use of "fictitious entities" 14 and "corporate shells," as well as the invention of a phony 15 cryptocurrency. See, for example, Trial Transcript pages 3657 16 to 3666; see also pages 2667 to 2668, 2671, and 2673 to 2674. 17 Fifth, I agree with probation and apply a 2-level 18 enhancement under Section 2S.1(b)(3) because Mr. Guo was 19 convicted of money laundering under 18, United States Code, 20 Section 1956, and the offense involved "sophisticated 21 laundering"——namely, the use of "fictitious entities" and 22 "corporate shells." 23 Sixth, for the reasons I have already stated, I apply 24 a 4-level enhancement under Section 3B1.1 because Mr. Guo was 25 "an organizer or leader" of the criminal activity, which SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 involved five or more participants. 2 Seventh, I apply a 2-level obstruction of justice 3 enhancement under Section 3C1.1 because Mr. Guo "willfully 4 obstructed or impeded . . . the administration of justice with 5 respect to the investigation, prosecution, or sentencing of the 6 instant offense of conviction." As I discussed earlier, I find 7 by a preponderance of the evidence that Mr. Guo intimidated 8 potential cooperators or witnesses by creating a "blacklist" of 9 his critics and sharing their personally identifiable 10 information with his supporters, who have a pattern of engaging 11 in harassing behavior. See, for example, Trial Transcript 12 pages 1533, lines 12-17. Separately, I find that Mr. Guo both 13 directly and indirectly contributed to a campaign of harassment 14 to deter the Trustee of his bankruptcy estate from seizing 15 Mr. Guo's property and investigating his finances so that his 16 fraud victims can be repaid. 17 Based on my independent evaluation of the sentencing 18 guidelines, I find that the offense level is 55, which I treat 19 as 43 because that is the maximum possible offense level; the 20 criminal history category is I; and the resulting guidelines 21 recommendation is 2100 months' imprisonment because of the 22 statutory maximum. I also calculate a fine range of $50,000 to 23 $5 million. 24 Now I will hear from the parties. 25 Does the government wish to be heard with regard to SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 sentencing? 2 MR. FINKEL: It does, your Honor. And I also want to 3 note for your Honor that there is at least one victim here who 4 wishes to be heard. 5 THE COURT: I will allow that individual to come 6 forward later on. 7 MR. FINKEL: Okay. 8 THE COURT: Actually, you know something, I think that 9 it would be better to have the victim come forward now. 10 MR. FINKEL: Okay. 11 THE COURT: I understand that the government has 12 identified a victim who wishes to make a statement. 13 Before we proceed with victim statements, I want to 14 explain the law that applies to victim statements. The Crime 15 Victims' Rights Act defines a crime victim as a person directly 16 and proximately harmed as a result of the commission of a 17 federal offense. 18, United States Code, Section 3771(e). In 18 other words, you are only a victim if you have been directly 19 and proximately harmed by Mr. Guo and his crimes. 20 For anyone who wishes to be heard, I'm going to ask 21 you two questions before you start: (1) What is your name? and 22 (2) Are you a victim of Mr. Guo's offenses? If you state that 23 you are not a victim of Mr. Guo's crimes, you will not be 24 permitted to speak. Each individual will have up to 25 two minutes to complete their statement. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 So you may call the individual that you have 2 identified. 3 MR. FINKEL: Yes, your Honor. It's Ms. Chen. If she 4 could please come up. 5 THE COURT: If she could step to the podium. 6 MR. FINKEL: While she comes up, your Honor, I may 7 have missed it——apologies——but is your Honor's finding with 8 respect to the base offense level consistent with the 9 recommendation in the PSR of a base offense level of 7? 10 THE COURT: Yes. 11 MS. CHEN: My name is Wei Chen. I'm a victim of Miles 12 Guo's fraud, and I testified in June 2024. 13 I understand only two minutes allowed. However, I 14 prepared I believe more than two minutes. I wonder if possible 15 for me to—— 16 THE COURT: I would like you to limit your statement. 17 And so if you could condense it, please. 18 MS. CHEN: Okay. I'll be quick. 19 So, your Honor, I appreciate the opportunity. This 20 fraud destroyed my life and my family. It did not just take 21 money, it took our sense of security; it took our peace of 22 mind; it took our hope; and it took life from us, the 23 best years of our lives. It created a constant mental burden 24 that feels like an ongoing suffering. And this problem has not 25 ended. We live with it every day, every hour. It is anxiety, SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 regret, guilt towards our family, sleepless nights and constant 2 stress of trying to survive financially after losing years of 3 savings and hard work. And this harm extends beyond 4 individuals. It affects families; it affects children, their 5 education, their future; it affects elderly family members, 6 their care and their stability. Behind every victim is a whole 7 family. Their life has been deeply damaged and destroyed. 8 Your Honor, one especially harmful part of this fraud 9 is how it unfolded over time. It was one program after 10 another, where we were repeatedly encouraged to give more and 11 more. At first, we used our hard-earned savings, but over time 12 we were pushed into debt. Toward the end of 2021, the fraud 13 introduced new programs with urgency, pressure, and promises of 14 significant returns, pushing us to borrow close to 400,000 at a 15 high interest rate. We took on the debt because we believed in 16 the false promise that returns would come quickly and allow us 17 to repay the debt. Instead, those promises were false, and 18 that loan accumulated about 300,000 in interest since December 19 2021. It continues to grow every day in a way that is 20 overwhelming and deeply stressful. So for the past ten years, 21 this harm has not been in the past; it follows into the 22 present. It shapes how we live today and affects our tomorrow. 23 We were once a happy family. The happiness is gone, 24 and it's hard to regain. 25 What makes it even more painful is that the defendant SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 continues to deny this fraud. His supporters continue to 2 spread misinformation and continue attacking victims who came 3 forward. Since I testified, I experienced attacks, and some of 4 those attacks made me fear for my safety. That added even more 5 weight to the harm. It would have been easier to stay silent, 6 but I chose to come back and speak here after two years. I 7 chose to do what I believe is right, even when it's painful, 8 even when it feels unsafe. I am here because victims' rights 9 have been delayed and denied for too long. Even though 10 speaking publicly exposes me to more attacks, I am here to tell 11 the Court and the public the truth about the real harm caused 12 by the fraud, by this fraud itself, caused by the fraud network 13 running it, caused by the sentencing delays, and any future 14 delays until the money is returned to the true victims of the 15 fraud, the true victims that are enduring the harm every day 16 from Miles Guo's criminal conduct. Sentencing delay has 17 extended the harm, because for my family, the time is not 18 neutral. Every additional month, every additional day without 19 meaningful financial relief adds more debt from this 20 high-interest borrowing because of this fraud, because of this 21 false promise. Further delays do not simply postpone relief. 22 It creates additional financial harm that becomes harder and 23 harder to overcome. 24 For years, we the victims waited and waited for 25 so-called investment to deliver the returns we were promised. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 And now we find ourselves waiting again——waiting for justice to 2 be served, waiting for closure, waiting for return of our money 3 that rightfully belongs to us, our hard-earned money. We need 4 that money to pay off debts, support our children's education, 5 care for our families, and the basic necessities of life. The 6 continued waiting is not difficult, it is painful. 7 THE COURT: Thank you, ma'am. If you would please 8 bring your statement to a close. Continue for another 9 30 seconds and please then stop. 10 MS. CHEN: So it is not just a financial fraud. It is 11 damaging our health, our stability, our trust, our dignity, our 12 hope, and the future we are trying to build. 13 And next, I want to address restitution. I understand 14 government position regarding remission, regarding the 15 complexity of the case and number of victims involved. 16 However, victims' loss have been already clearly established 17 through the sworn testimony and of evidence before this Court, 18 including my own. I respectfully ask the Court to consider 19 ordering restitution at his sentencing today. 20 THE COURT: All right. Thank you, ma'am. I will 21 carefully consider what you have said. 22 MS. CHEN: Thank you. 23 THE COURT: Thank you. 24 Are there any other victims, any other individuals who 25 will come up and answer yes when I ask whether they are a SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 victim of Mr. Guo? 2 Please step up. 3 What is your name? 4 SPECTATOR: Ching Li Bard Jordan (phonetic). 5 THE COURT: Are you a victim of Mr. Guo's crimes? 6 SPECTATOR: Yes, ma'am. 7 THE COURT: Go ahead. 8 SPECTATOR: We're here today for Miles's sentencing. 9 We're also here to witness America's funeral, that you killed 10 your nation. 11 THE COURT: All right. So ma'am, so far I don't hear 12 your saying that you're a victim. And so if you're ready to 13 state how you have been victimized by Mr. Guo's criminal 14 conduct, you may go forward, but so far, I am not hearing that. 15 SPECTATOR: We do not hate you, nor—— 16 THE COURT: I'm going to have to bring this to a close 17 because what you're making is a political statement unrelated 18 to his various criminal conduct. 19 Is there any other individual who claims to be a 20 victim of Mr. Guo? 21 And is there any other individual in the overflow who 22 may be a victim of Mr. Guo? 23 All right. I've heard word that there is no other 24 individual identifying themselves as a victim in the overflow 25 room. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 All righty then. I will hear from the government. 2 MR. FINKEL: Thank you, your Honor. 3 Miles Guo is not a Democratic activist. He is a con 4 artist, he is a fraudster, he is a scammer, and a thief. And 5 to afford just punishment for his crimes, to promote respect 6 for the law, to deter him specifically and others who may seek 7 to do what he has already done, to protect the public, to 8 protect the many who, sadly, remain under Miles Guo's spell, 9 this Court should impose a sentence of at least——at least—— 10 30 years' imprisonment. And that's because for nearly 11 five years, the defendant preyed on thousands. He lied to 12 them, he brainwashed many, he attacked and harassed others, and 13 he caused all that pain and suffering, not because he cares 14 about any political cause; he did it because he cares the most 15 of all about himself. 16 This was not a moment of poor judgment or an 17 aberration of an otherwise law-abiding life. Miles Guo did 18 this to feed his narcissism. He did it so he can live a life 19 of luxury and excess——a Bugatti; a Lamborghini; a $26 million 20 mansion; a $36,000 mattress——two of them actually; a $50,000 21 fire log holder; a music video, promoting himself, holding a 22 light saber. 23 And Miles Guo sits here today, unapologetic, refusing 24 to accept even a modicum of responsibility. He's steadfast 25 that all of this wreckage, everything he left in his wake, SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 never even happened. Even worse, he portrays himself as a 2 victim. But the evidence that this Court saw, that a jury saw, 3 proved that Guo was a perpetrator on a grand scale. And it's 4 certainly one thing, your Honor, to deny guilt as a defendant 5 in an American courtroom, but it's another entirely to deny 6 reality. And that's where I'd like to focus my brief remarks, 7 on the reality of the harm that Miles Guo caused, because that 8 should be a primary focus, your Honor, in assessing the 9 seriousness of the offense and deciding what constitutes just 10 punishment. 11 Your Honor referenced the 235 victim statements that 12 have been submitted to you. They account for the magnitude of 13 the harm. They discuss the financial burden. We just heard 14 from Ms. Chen as well. But it was more than just financial 15 security and money. There's a reality of enduring anguish. 16 Statement 42: "I lost my passion. My whole body was 17 depressed. I suffered from severe depression and want to kill 18 myself every day." 19 Statement 200: "I was overwhelmed with shame, guilt, 20 and despair. I struggled with recurring suicidal thoughts. I 21 lost my will to live." 22 That is the reality of Miles Guo's harm. 23 And these victims come from across the country and 24 around the world, and they have, generally speaking, a unifying 25 theme. They were part of the Chinese diaspora, and universally SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 against the Chinese Communist Party, the CCP. And it's Miles 2 Guo's false statements about fighting the CCP that drew victims 3 to him, and that separates Miles Guo from a garden-variety 4 fraud. 5 Sure, he promised his victims financial gain and 6 riches. But it was more sinister than that. He claimed to be 7 part of their family, their brother. He called them his 8 brothers and his sisters, as someone who could be trusted, 9 claiming to share the same political and moral views as his 10 victims. So your Honor, in that sense it's an extraordinary 11 affinity fraud that the defendant committed because he targeted 12 a community, and, ironically, or perhaps even purposefully, as 13 Statement 157 summed it up well, "While loudly proclaiming his 14 goal to defeat the CCP, he actually served their interests, by 15 discrediting the very cause he claimed to support. By 16 betraying us, the true believers in ending the CCP's tyranny, 17 he tarnished the fight against the CCP itself. Now whenever 18 someone hears about efforts to oppose the CCP, they may 19 question whether it's just another scam." So in a very real 20 way, rather than fight the CCP as he loves to claim over and 21 over again, he helped their cause. 22 Your Honor, another important point for the Court to 23 consider is his total and utter contempt for United States 24 laws. As your Honor saw during trial, as the jury saw, the 25 defendant's audaciousness in criminality grew over time. He SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 started out, as your Honor recounted before, with the Rule of 2 Law Society and foundation. It grew into GTV, in which he was 3 investigated and dealt with in a civil regulatory manner. So 4 he changed his efforts. He changed his tactics. He tried to 5 dress up his fraud by, instead of selling stock, pretending to 6 sell farm loans. And then that continued in its audaciousness 7 by creating a fake business called G|CLUBS. And in the summer 8 of 2022, and the fall, when grand jury subpoenas found their 9 way to G|CLUBS and the government seized $630 million, the 10 defendant once again, instead of stopping what he was doing, 11 instead of realizing that he was violating the law, he doubled 12 down and tripled down and quadrupled down, and he launched the 13 810 and the 815, schemes that collected money by claiming to 14 sell more stock, with the express purpose of sending that money 15 abroad, to the Middle East, expressly out of reach of the U.S. 16 government. 17 And that contempt, your Honor, continued today—-today, 18 before you, when the defendant lied, malingering, pretending to 19 be ill, to try to avoid sentencing today. 20 The ever-evolving nature of the defendant's 21 criminality also underscores I think a very important point for 22 this Court: the defendant is and remains a significant danger 23 to society. 24 Victim statements recount, as Ms. Chen just did, how 25 the enterprise continues, developing new meme coins and SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 money-luring opportunities. The defendant operates like the 2 law does not apply to him, and only incarceration will keep the 3 public safe. As your Honor mentioned, he has acolytes who are 4 willing to protest in front of an elementary school——an 5 elementary school——because one of the teachers was the daughter 6 of the bankruptcy trustee who was discharging his job to try to 7 obtain money for creditors in accordance with the laws of the 8 United States. 9 The defendant personally told Ya Li to destroy 10 subpoenas; his daughter was told to lie in a deposition. The 11 defendant moved a boat outside the jurisdiction of the United 12 States to avoid civil contempt. He was held in criminal 13 contempt by a judge of New York State Supreme Court. 14 He has no respect for the law, and there is nothing 15 that can assure this Court that once released, he won't 16 continue to prey on the victims he has already victimized, and 17 many others. 18 Now, in their sentencing submission, the defense makes 19 much of defendant's history and characteristics. And they 20 recount his mythology——the same mythology that the defendant 21 used to lure victims into his schemes; the same mythology he 22 used to build a cult of personality and to brainwash victims. 23 I don't know, and I think no one knows, how much of that 24 history is true, but certainly this defendant has little 25 credibility left to spend here before this Court, so I would SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 submit that instead of evaluating the truth of the defendant's 2 mythology, the truth of his words, or lack thereof, we look at 3 his actions. His actions speak louder than his words. And 4 here's what we know: 5 The defendant immigrated to the United States in 2015, 6 thereabouts. He claimed he needed asylum, that he needed 7 protection, from the United States. He had access to 8 opportunities that many cannot have access to but wish they 9 could. He's brilliant. He is charismatic. He is smart. He 10 could have lived a successful, law-abiding life in the United 11 States, but almost immediately, he chose to commit crimes on a 12 grand scale. And if anything, while here as an asylee, he 13 should have maintained rigid compliance with the laws of the 14 United States, with its rules and regulations. But instead, he 15 took opportunity after opportunity to engage and engineer a 16 fraud of historic proportions. Those are the actions that is 17 the history and characteristics that should animate this 18 Court's sentence. 19 Last point, but an important one. The defendant 20 clearly has his supporters, those who speak online and try to 21 scare victims who have come forward; those who try to scare the 22 truth from coming out; supporters who promise that this is all 23 a charade and one day Miles Guo will return to them to lead 24 them. And the reality is that they——many of them, at least—— 25 are probably victims too. And the defendant maintains this SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 hold and grip over them; a grip so tight that he can convince 2 them that they aren't victims at all. And that underscores, 3 your Honor, the danger the defendant poses to the public. If 4 released, it is near certainty, if not absolutely certain, that 5 he will pick their pockets again, that he will victimize those 6 supporters again. Those victims may disclaim their victimhood, 7 they may disclaim that they were defrauded. What was proven at 8 the trial that you presided over, your Honor, is that the 9 defendant Miles Guo intended to defraud them; he acted with 10 knowledge, he knew what he was doing was wrong, but he did it 11 for himself, over and over and over again. 12 So it is up to this Court, and your Honor alone, to 13 protect those who are unable to protect themselves, and the 14 government submits that a lengthy sentence, one that 15 incapacitates the defendant from harming others, is necessary 16 here. 17 And so when reflecting on the reality, the reality of 18 what the defendant has done, his course of conduct for 19 five years, all that he built, all the lives he destroyed, it's 20 sort of hard to understand how a person could be responsible 21 for all these significant crimes. Miles Guo's criminality is 22 massive. The harm he caused was and remains devastating to 23 thousands. The obstruction, the flouting of Court's orders, 24 the vengeance on those who stood in his way and their family. 25 Miles Guo did not lead a movement, he led a criminal enterprise SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 that was built on lies he told so he could take other people's 2 money and spend it on himself. And he strengthened that 3 enterprise through threats and violence and fear. 4 For leading one of the most extraordinary frauds that 5 this country has seen, to protect the public and those who 6 can't protect themselves, a lengthy and substantial sentence of 7 at least——at least——30 years is absolutely necessary in this 8 case. 9 Thank you. 10 THE COURT: Now I'll hear from the defense. 11 MS. SARAFA: Thank you, your Honor. 12 I think we can all agree that this is no ordinary 13 case. Miles Guo is no ordinary individual. The U.S. 14 government, not to mention the Chinese government, has a 15 certain view of him. 16 It's important at this stage of the case to take a 17 deep, full look at who Miles Guo as a person is and how his 18 background relates to why we're here today. 19 Let me acknowledge that Mr. Guo went to trial. He 20 maintains his innocence. He was found not guilty of the 21 government's core fraud allegations concerning the GTV Private 22 Placement, as well as of engaging in an unlawful monetary 23 transaction. We acknowledge that he was found guilty of other 24 fraud counts related to the Farm Loans, G|CLUBS, and Himalaya 25 Exchange, as well as money laundering and conspiracy-related SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 counts. We accept that verdict for purposes of sentencing, but 2 it is important to place it in its proper context and 3 understand its limits. 4 Mr. Guo is a human being like every other defendant 5 who has appeared before this Court. He has a unique personal 6 history that has shaped his fundamental character, motivation, 7 and his orientation to the world. He was born in China 8 two years into the cultural revolution. That lasted a full 9 ten years. And his parents were deemed enemies of the State 10 during that period of time. As a result, his childhood, one of 11 eight brothers born to his parents, consisted of total 12 immersion in the hardships and abuses that an authoritarian 13 government can and does inflict on its people. Now millions of 14 Chinese individuals may have had similar experiences during the 15 cultural revolution, but that fact has not diminished the 16 lasting impact that those experiences have on every single one 17 of them. Mr. Guo's unwavering support for democracy, a more 18 democratic China, and a better life for the people of China, is 19 rooted in his personal experience. 20 He did not receive much of a formal education. He 21 quit school at about age 15 to work and help support his 22 family. He married young, still in his teens, and had two 23 children with his wife, to whom he remains married to this day, 24 before he reached age 20. That's about how old he was in 1989 25 when the Tiananmen protests began in China, and given Mr. Guo's SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 childhood, it's not surprising that he sold his motorcycle, 2 provided the funds to support the protestors of Tiananmen. For 3 that support, he was visited by police officers, who, 4 tragically, shot his brother, who was trying to protect Mr. Guo 5 when a firearm was drawn. Both of them were arrested. His 6 brother died of his wounds. Mr. Guo served approximately 7 two years in prison. 8 I start here because the government suggests not 9 only——I mean argues strenuously that Mr. Guo is not a genuine 10 political dissident but that he has adopted that persona solely 11 for personal financial gain. In reality, Mr. Guo came to his 12 lifelong commitment to democracy honestly and through the 13 crucible of extreme trauma. I don't think we can gloss over 14 the impact of his witnessing his brother shot and killed by the 15 police. While he was incarcerated, he witnessed at least 50 16 political prisoners being executed. 17 He was physically tortured on multiple occasions not 18 only during his post-Tiananmen incarceration but also after he 19 exposed corruption by a prominent Beijing city official. 20 And to the extent the government maintains that 21 Mr. Guo's personal background is a mythology, I would point to 22 the probation officer's personal observations of the physical 23 scars that Mr. Guo bears to this day as a result of torture. 24 That's referenced in the presentence report. 25 Experiences like the ones Mr. Guo has endured shape a SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 person. In this case, they solidified his commitment to 2 opposing authoritarian rule, exposing corruption, and 3 supporting a democratic China. His support of democracy, by 4 the way, also extends to assisting the United States in 5 protecting its own national security and understanding the many 6 ways that China infiltrates this country and attempts to 7 undermine it. 8 In short, Mr. Guo is a legitimate pro-democracy 9 activist and has been since his youth. Any suggestion to the 10 contrary isn't supported by the facts, not the least of which 11 are the fact that for years Mr. Guo has been the primary target 12 of China's Operation Fox Hunt, and he's had multiple immediate 13 family members as well as employees and supporters arrested and 14 detained for years. 15 It's worth asking why China would go to the lengths it 16 has to silence and repatriate Mr. Guo. Why is he such a threat 17 to the CCP? The extent of the CCP's efforts reflect its deep 18 concerns about Mr. Guo's ability to undermine his authority and 19 reveal information it does not want disclosed. If Mr. Guo's 20 activities were merely the work of a conman or a fraudster and 21 nothing more, the CCP would not be deploying armies of 22 operatives to discredit him through a staggeringly extensive 23 social media campaign. At some point, in its scope, that 24 social media campaign was second only to the CCP's efforts to 25 discredit the Hong Kong protestors, democracy protestors of SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 2019. The CCP has spent tens if not hundreds of millions of 2 dollars recruiting U.S. political and business elite to lobby 3 the U.S. government for his repatriation to China. They've 4 pressured U.S. social media companies to de-platform him, 5 they've interrogated, coerced, arrested, prosecuted, jailed 6 individuals in China for just listening to his broadcast. 7 They've taken advantage of the U.S. legal system and the First 8 Amendment freedoms here to file a false rape complaint against 9 Mr. Guo and then orchestrate demonstrations outside his home, 10 calling him a rapist, and then publicize those demonstrations 11 on social media. 12 We detailed this and more in our sentencing 13 submission, but even the many pages in our sentencing 14 submission that discuss this campaign against him really can't 15 capture the true magnitude of the Chinese government operation 16 against Mr. Guo as well as against those who dare to listen to 17 his broadcast where they can in China, or to engage in any way 18 with any entities associated with him. 19 And these facts are not in dispute. I mean, the U.S. 20 government itself has brought dozens of criminal prosecutions 21 against individuals who have done the CCP's bidding against 22 Mr. Guo. We've cited complaint after complaint, document after 23 document drafted by the United States government detailing 24 these efforts. 25 And that brings us to the conduct in this case. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 The jury acquitted Mr. Guo of the GTV Private 2 Placement, convicted on other counts. We accept the jury's 3 verdict, but we do recognize that that verdict has limits, 4 especially with respect to proven losses and victimization of 5 investors and supporters. The creation of GTV was a direct 6 response to CCP efforts to silence Mr. Guo, to suppress his 7 speech by pressuring other social media platforms to shut down 8 his accounts. GTV, in contrast, was free from external 9 pressure, and it became a vibrant and active platform. That 10 platform was itself part of the efforts to take down the CCP. 11 That platform was a way to get out messages about corruption, 12 expose what actually is taking place in China at the behest of 13 the Chinese government, and those broadcasts are the effort. 14 So it's not accurate to say that this organization did nothing, 15 that his movement did nothing. That platform was a core part 16 of undertaking the dismantling of the CCP, building a movement. 17 The Himalaya Exchange provided a safe place to store 18 money outside the prying eyes of the CCP. And that is a 19 service for which there is a tremendous market. It also 20 provided an opportunity for individuals to make money through 21 creating H Coin on the Himalaya Exchange. The letters we 22 provided to the Court contain numerous accounts of individuals 23 who profited substantially from their investment in the 24 Himalaya Exchange, and who invested in it for reasons having 25 nothing to do with the alleged misrepresentations of Mr. Guo, SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 with respect to the exchange being backed by gold, for 2 instance. 3 G|CLUBS, G Fashion, the Farm Loans, these were all 4 part of building a brand to support the whistleblower movement. 5 The luxury cars. The government's made much of those 6 cars. Mr. Guo himself doesn't drive. There's been no 7 observation of him out and about driving around in those cars. 8 The Bugatti never even left the showroom in Texas. They were 9 props for videos, to show what could be, what could be achieved 10 for the people of China, to build the brand for the 11 whistleblower movement. 12 The mansion, the Mahwah mansion. Again, much has been 13 made of that. There was also testimony at trial that that was 14 intended as a permanent home for the whistleblower movement. 15 Mr. Guo himself lived in Connecticut. He wasn't living at the 16 mansion in Mahwah. That's just not accurate. 17 These were not personal luxuries that he was obtaining 18 for himself. These were part of the brand which resonated 19 strongly with thousands of individuals who see in the movement 20 hope for a freer and a more democratic China. 21 I should also note that Mr. Guo——much has been made of 22 his Brioni suits, the yacht. A lot of these things were 23 obtained prior to any alleged misconduct in this case. 24 Mr. Guo's family members were legitimate billionaires long 25 before Mr. Guo came to this country, long before the conduct at SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 issue in this case. The movement was a separate project, 2 independent of personal wealth. The government narrative about 3 needing the money and creating these entities as a way to 4 obtain money just doesn't make sense. The government knows 5 well that if Mr. Guo had needed or cared about money, it would 6 have been much easier for him to avail himself of the many 7 opportunities to secure the release of billions of dollars in 8 funds seized by the CCP if only he would agree to stop 9 criticizing it and exposing corruption. He was unwilling to do 10 that. He had those opportunities. At least $10 billion in 11 seized assets. He could have just said, okay, I'll stop 12 criticizing the CCP. Those assets would have been unfrozen. 13 But that's not what animates him. That is not what motivates 14 him. That is not why we're here. The simple and indisputable 15 fact that he could have availed himself of those opportunities 16 underscores his genuine commitment to the underlying movement. 17 His fidelity consistently has been to the movement. Even his 18 original pursuit of wealth back in the early '90s, after being 19 released from prison following Tiananmen, was for that very 20 purpose. That's the purpose, to achieve that level of wealth 21 and prominence and then be able to exert the kind of influence 22 that one needs to have in order to build a movement that has 23 any hope of taking on a government and a party as powerful as 24 the Chinese Communist Party. 25 There is a—— SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 THE COURT: One moment, please. 2 You may continue. 3 MS. SARAFA: Thank you, your Honor. 4 There's a vast gulf in this case between the loss 5 amount advanced by the government, set forth in the guidelines, 6 and the alleged harm to victims, and the overwhelming number of 7 investors and customers who disclaim victim status. This goes 8 straight to the nature and circumstances of the offense, the 9 seriousness of the conduct, and we respectfully submit that 10 this is a case where the 3553(a) factors should weigh more 11 heavily than the guidelines. 12 There are literally thousands of investors and 13 customers of the G series entities who affirmatively state that 14 they are not victims of Mr. Guo. These are not deluded, 15 brainwashed sycophants. We submitted statements from 1286 16 unique individuals. We accounted for multiple individuals in 17 our number count and in our statistics, unlike the government, 18 who cites 235 statements but, by our assessment, at least 40 or 19 more are from the same individual. 1286 unique individuals. 20 Of those, 1223 expressly stated that they were not victimized 21 by Mr. Guo. Most of them did not indicate the size of their 22 investments in the submissions they sent to us, but for those 23 that did, the amount totaled more than $72 million. 108 of 24 them reported being interrogated by the CCP. 35 reported being 25 coerced to make statements such as confessions, guarantees, SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 repentance, or acknowledgment of having been defrauded. Seven 2 reported being forced to file false complaints with U.S. law 3 enforcement and media. 28 reported being arrested and/or 4 prosecuted by the CCP. We continue to receive more of these 5 statements daily. And these are not cookie-cutter 6 presentations. They're unique, detailed, thoughtful accounts 7 of individual deliberation and due diligence in connection with 8 their investments from individuals from all walks of life, many 9 professionals, even one from a non-Chinese lawyer in Australia, 10 who invested at the suggestion of one of his clients. These 11 are not robotic recitations from brainwashed masses lacking 12 agency. And these support——these individuals who provided 13 these statements, they included supporting 14 documents——government-issued IDs, passports, other 15 identification documents. They included videos, audio, 16 recordings of interrogation by Chinese officials, photos, 17 screenshots of text messaging between them and the officials, a 18 tremendous amount of indicia of credibility, and we've included 19 at least one of those in its entirety in our sentencing 20 submission, but there are hundreds of these. And apart from 21 those, apart from those statements, there are more than 6,000 22 Himalaya Exchange customers who have submitted 853(n) 23 petitions. There are more than 300 Hamilton investors who have 24 submitted 853(n) petitions. Both of those groups, thousands of 25 customers, maintain that they were not victimized by Mr. Guo SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 and that their investments, the money that's been seized, is 2 not the proceeds of fraud. They're not crime proceeds. That's 3 their position. That's thousands and thousands of investors. 4 At trial, there was a discussion about extrapolating 5 from the testimony of Yi Jianhu, one of the defense witnesses 6 who said that he'd been pressured by the Chinese government to 7 make false statements. And the government strenuously objected 8 to the defense making any inference about such pressure having 9 been exerted on other witnesses in the case. And the Court 10 said that——the Court granted that request and said it's not 11 proper to extrapolate or speculate because we've only 12 heard——beyond the testimony of the people who testified in this 13 trial. 14 And yet the loss amount that the government talks 15 about and the loss amount calculated in the PSR is speculation. 16 The witnesses at trial testified to no more than 1.5 million in 17 losses. The individuals in this room, the more than 6,000 18 Himalaya Exchange customers, the nearly 1300 people who sent us 19 letters, they all say, we were not victimized. We invested for 20 reasons that have nothing to do with the misrepresentations 21 Mr. Guo allegedly made. And these people, these individuals 22 consistently say that any hardship they suffered is a result of 23 their funds being seized and held by the government. 24 They maintain also that Mr. Guo was up front in his 25 broadcasts about the risk of investment. These are not SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 victimized, brainwashed people. They talk about receiving real 2 value for the investments they made. Not just G|CLUBS, not 3 just actually getting, you know, G Fashion, not just GTV, but 4 Himalaya Exchange. People made real money with——through the 5 Himalaya Exchange. That's value. In fact, many of them are 6 still holders of H Coin, which retained value to this day. It 7 retained value up until the very day that Mr. Guo was convicted 8 and the platform was shut down. I believe one of the 9 individuals even said the decision to invest with Mr. Guo was 10 one of the most important and correct of his life. And that 11 was a consistent refrain. These individuals say that they've 12 made their own independent decisions about whether to send 13 money to various G series entities. They weren't victimized or 14 brainwashed by Mr. Guo. 15 The government has, sitting in its coffers, more than 16 $600 million seized. The GTV entities readily settled the SEC 17 case and disgorged more than $500 million. That money is all 18 going back to——it has already——most of it has already gone back 19 to investors; in fact, it had even before the trial. 20 The money is not——this is not like a Ponzi scheme, 21 where there's preying on subsequent investors because you have 22 to keep bringing in money to give——to pay out original 23 investors. The money was all there. These were operating 24 businesses. Value was obtained by the people investing in 25 them. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 Mr. Guo's pro-democracy, anti-CCP message resonated 2 with people around the globe. The supporters' statements 3 overflow with hope. That is inspired by Mr. Guo. That is 4 meaningful. That is meaningful. That in itself is meaningful. 5 We've talked about some of Mr. Guo's assistance to the 6 United States. We've done our best to provide the Court with 7 that information to the best of our ability, although quite a 8 bit of information is not even available to us. We've 9 requested it; we have not received it. 10 We've also provided to the Court information about 11 Mr. Guo's physical and mental health, which has deteriorated 12 since he's been at MDC. The conditions at the MDC are well 13 known to this Court. That's no surprise. The conditions in 14 the Bureau of Prisons are not great. Mr. Guo's physical and 15 mental health most likely will get worse as he continues to 16 spend time in incarceration. In this district——and those 17 factors are important and considered by courts, taken very 18 seriously. In this district, less than a quarter of defendants 19 in fraud cases are sentenced within the sentencing guidelines. 20 Most are sentenced substantially below the guidelines. And 21 that is a recognition, as your Honor has recognized, that 22 particularly in fraud cases, that the guidelines substantially 23 overstate the seriousness of the offense. The judiciary 24 sentencing information, the JSIN data, for 2021 to 2025, in 25 cases like this, where 2B1.1 is the primary guideline, the SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 offense level is 43 and the criminal history category is I, no 2 prior criminal history, excluding cooperating defendants, the 3 average length of imprisonment in those cases is 167 months. 4 The median is 144 months. Sam Bankman-Fried was mentioned 5 earlier. His case involved $8 billion, multiples of what was 6 involved here, and I dare say not thousands of individuals who 7 said they weren't victimized. He received a sentence of 8 25 years. The government cited that in its brief. We submit 9 that a sentence below that is warranted here. A sentence 10 substantially below the sentencing guidelines is warranted in 11 this case, and substantially below what the government has 12 requested. 13 The fact that so many people have come forward, and in 14 their own words, not in some prefab template letter, have come 15 forward and told this Court their own story of why they 16 invested, their own reliance on the documentation, the white 17 papers, the credit placement memorandum, the loan agreements, 18 they read those documents. They made their decisions to 19 invest. They understood the risk. They told your Honor that 20 in their own words, that is just, and that really distinguishes 21 this case. That along with the fact that Mr. Guo has been this 22 target of the CCP, which has really been an animating force 23 behind this entire whistleblower movement, and that's the 24 reason the movement resonates so strongly with so many people. 25 It's the reason so many people are here today, because the SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 oppression that they've experienced by the CCP is something 2 that everybody has an interest in moving on from. And 3 Mr. Guo's message is one of hope and promise for a better 4 future. 5 The individuals who continue to support him are not 6 deluded. They're very clear-eyed. They've communicated that 7 to the Court. And that really goes to the seriousness of the 8 offense and the nature and circumstances——or the nature and 9 circumstances of the offense, which we submit warrants a 10 sentence substantially below the guidelines level and what the 11 government has requested. 12 Thank you, your Honor. 13 THE COURT: Mr. Guo, would you like to say something? 14 THE DEFENDANT: Your Honor, I would like to ask the 15 interpreter to speak for me. 16 Initially, I did not plan to speak. I look at this 17 today, I must say something regarding what just happened in 18 your courtroom. And also, in the other room, you asked the 19 marshals to testify and recall how I came to this building. 20 They said only one marshal brought me up here. In fact, there 21 were two marshals who brought me up. You don't have to trust 22 me. You can trust the camera. From 5 a.m. this morning, I 23 fainted and fell on the floor. And 911 sent me to the 24 hospital. So there have been people telling them that, don't 25 send me to the hospital, you have to send him to the court. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 After two rounds of injections and the medication I took, the 2 doctors said, you have to stay here, you cannot leave. You 3 don't have to trust me. You can just look at the videos in the 4 hospital and you can look that up. 5 So two officers from MDC received a call saying that I 6 must return to MDC. And I vomited many times on the way back 7 to MDC, and I vomited as well all through the day. So you 8 don't have to trust me. You can ask the two officers from MDC. 9 So when I returned to my room in MDC, they asked a 10 doctor to come. So a doctor came. I returned to MDC at 10:30 11 and then the doctor came at 10:45, and they asked me, are you 12 still okay? And I told them that, look at my face, I have 13 face——I have blood on my face and all over my body. I'm still 14 vomiting blood. And then that doctor said, I'll come back 15 later to give you a treatment, or maybe I just send you back to 16 your unit. I said, I would like to go to the court. You don't 17 have to trust me. You can look at the videos from the 18 hospital. 19 Around 1:30 p.m. a mysterious woman came—— 20 THE COURT: Mr. Guo, please face me. 21 One moment. If you would just translate what I just 22 said. 23 THE DEFENDANT: So that woman in black talked to them, 24 saying that I could bring him to the court. Okay. This lady 25 was riding in another car, she was riding another vehicle, and SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 I came with the vehicle with the officers. So before I left 2 MDC, they cut up my clothing and wiped off the blood from my 3 face so I got changed into this. 4 So that lady, she's not a police officer. She is 5 someone else, and she was in another car, and when I came here, 6 she was waiting for me downstairs. 7 And then, so when I came here, I said, I have tummy 8 ache, I need to go to the bathroom. I don't feel well. They 9 put me into another room. And this lady and the other officer, 10 they were still around. You can look at the videos later. 11 Therefore, regarding what the prosecutor said earlier, that's 12 not the truth. Even for these facts, with these clear facts, 13 he was not telling the truth, and he was playing the role of a 14 doctor, police, and a judge. In this case, whatever the 15 prosecutor said cannot be the truth. So when the prosecutor 16 spoke in front of you, your Honor, he mentioned that there was 17 only one officer. However, he did not mention the other lady. 18 You can ask him who was that lady. 19 And lastly, I would like to tell the judge that, for 20 the things I would like to say, that's included in the 21 submissions from my lawyers. I believe in the U.S. laws and 22 the judge. The reason I came to the U.S. is to destroy CCP. I 23 lost my family members, and 270 people have been arrested, and 24 I lost billions of dollars. 25 And your Honor, I thank you for everything you did. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 And I will appeal. Thank you. 2 THE COURT: Is there any reason why sentence should 3 not be imposed at this time? 4 MS. SARAFA: Your Honor, subject to our objections 5 about loss not being calculable without a Fatico and other 6 objections that we put on the record, no. And Mr. Guo's 7 health, as discussed in the other room. 8 MR. FINKEL: The government believes that sentencing 9 should go forward. And if I may, with respect, your Honor, I 10 just note for the record that Mr. Guo stood and gesticulated 11 with his arms throughout his colloquy with the Court. He was 12 cogent and clear in his presentation and seemed alert. But 13 that, of course, is just from my perspective. 14 THE COURT: As I have stated, the guidelines range to 15 be used in this case is 2100 months' imprisonment. 16 Under the Supreme Court's decision in Booker and its 17 progeny, the guidelines range is only one factor that I must 18 consider in deciding the appropriate sentence. As I mentioned 19 earlier, I am also required to consider the other factors set 20 forth in Title 18, United States Code, Section 3553(a). These 21 include: 22 First, the nature and circumstances of the offense and 23 the history and characteristics of the defendant; 24 Second, the need for the sentence imposed to reflect 25 the seriousness of the offense, to promote respect for the law, SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 and to provide just punishment for the offense; to afford 2 adequate deterrence to criminal conduct; to protect the public 3 from further crimes of the defendant; and to provide the 4 defendant with needed education or vocational training, medical 5 care, or other correctional treatment in the most effective 6 manner; 7 Third, the kinds of sentences available; 8 Fourth, the guidelines range; 9 Fifth, any pertinent policy statement; 10 Sixth, the need to avoid unwarranted sentence 11 disparities among defendants with similar records who have been 12 found guilty of similar conduct; and 13 Seventh, the need to provide restitution to any 14 victims of the offense. 15 Ultimately, I am required to impose a sentence 16 sufficient, but no greater than necessary, to comply with the 17 purposes of sentencing that I just mentioned. 18 Probation recommends a below-guidelines sentence of 19 240 months' imprisonment on Counts One through Three and Seven 20 through Eleven, to run concurrently with each other, and 21 60 months' imprisonment on Count Four, to run consecutively to 22 the other counts. The total recommended sentence is 23 300 months' imprisonment. 24 The government recommends a sentence of at least 25 360 months' imprisonment, or 30 years. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 Mr. Guo argues for a sentence "substantially below the 2 applicable guidelines range and the sentencing recommendation 3 in the [presentence report]," but does not request a specific 4 sentence. 5 I have given substantial thought and attention to the 6 appropriate sentence in this case in light of all the factors 7 set forth in Section 3553(a) and the purposes of sentencing. 8 On July 16, 2024, having heard and seen all the 9 evidence in the case, including the testimony of 34 government 10 witnesses and nine defense witnesses, a jury of 12 people 11 unanimously concluded that Mr. Guo was engaged in a series of 12 fraudulent crimes and conspiracies, including a racketeering 13 conspiracy, money laundering conspiracy, and conspiracy to 14 commit securities fraud. 15 I must first consider the history and characteristics 16 of the defendant. 17 Mr. Guo, also known by the name Ho Wan Kwok, was born 18 in 1968 in the People's Republic of China. He was the seventh 19 of eight brothers born to his father, a miner, and his mother, 20 a homemaker. His birth occurred shortly after the Cultural 21 Revolution that was launched by Mao Zedong, and Mr. Guo's 22 parents were viewed as enemies of the State. During his 23 childhood, his family lived in poverty, and Mr. Guo witnessed 24 his family suffer from persecution at the hands of the Chinese 25 Communist Party, which I will refer to as the CCP. He reports SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 that, as a result, both of his parents suffered from 2 significant mental health issues. 3 Mr. Guo states that between May 1989 and April 1991, 4 he served a 22-month prison term in China, after being charged 5 with subversive activities in connection with his support of 6 the demonstration in Tiananmen Square. He additionally reports 7 being held in an open cell with other political prisoners and 8 witnessing the execution of dozens of inmates. 9 In 1991, Mr. Guo began his career as a real estate 10 developer. In about 2000, he immigrated to Hong Kong and 11 became a citizen. Sixteen years later, fearing political 12 arrest, he fled to England, and in 2017, he entered the United 13 States on a tourist visa. One month prior to the expiration of 14 his visa, Mr. Guo applied for asylum, and his petition remains 15 pending. 16 Between 2016 and 2018, Mr. Guo claims that he was 17 engaged in a public campaign to, in his words, expose the CCP 18 and support democracy in China. 19 I will now turn to the nature and circumstances of the 20 offense, as well as the need for the sentence imposed to 21 reflect the seriousness of the offense, promote respect for the 22 law, provide just punishment for the offense, and protect the 23 public from further crimes of Mr. Guo. 24 Much of Mr. Guo's sentencing submission outlines 25 abuses that he claims he suffered at the hands of the CCP. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 Even crediting these claims, I find that none of them excuse 2 his fraudulent conduct. 3 For at least five years, Mr. Guo participated in a 4 conspiracy to defraud over a thousand victims from around the 5 world. Relying on his online presence and charismatic 6 personality, Mr. Guo, along with his co-conspirators, targeted 7 his followers by promising them outsized financial returns and 8 benefits for investing in various fraudulent businesses and 9 programs. Mr. Guo and his conspirators told their victims that 10 the money they contributed would be used to support 11 pro-democracy efforts in China. However, Mr. Guo and his 12 conspirators misappropriated the money to line their pockets, 13 as well as those of Mr. Guo's family——taking the victims' money 14 and using it to further Mr. Guo's extravagant lifestyle. 15 Mr. Guo was known as "Boss" and was in control of the 16 G Enterprise entities. See, for example, Trial Transcript 17 pages 1941 and 1677 to 1678. He was the face of the business 18 and, through his broadcasts, sought investments from his 19 supporters and made promises to them. Although Ms. Yvette Wang 20 and Mr. William Je also played a significant role in the 21 conspiracy, Mr. Guo was ultimately the boss and had the final 22 say. 23 Mr. Guo's schemes caused his victims great financial 24 and emotional harm: 25 One victim writes: "[Mr.] Guo repeatedly fabricated SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 stories in his broadcasts. . . He convinced us that investing 2 in his projects was the only way to ensure financial safety. 3 Under this fear and persuasion, I sold my property, redeemed 4 all my long-term investments and life insurance, and invested 5 all my funds into his fraudulent ventures." Statement 168. 6 Another writes: "I invested over $120,000——my entire 7 savings from years of sacrifice. I have no job, and I gave all 8 my money to [Mr.] Guo. Now, I have no idea how I will sustain 9 myself for the rest of my life or how to face my family." 10 Statement 158. 11 Another states: "My husband and I were cruelly 12 defrauded of more than $1,500,000——our entire life savings. 13 Because of [Mr. Guo] and his accomplices. . ., we fell from a 14 comfortable life into complete poverty. My husband had to do 15 hard physical labor at low wages [and] borrow money from 16 others. . . I had to apply for social assistance. . . Our 17 whole family almost ended up sleeping on the streets." 18 Statement 184. 19 As I noted during Ms. Wang's sentencing, the victims 20 have not only experienced financial hardship, but many have 21 lost relationships with loved ones because of their 22 participation in Mr. Guo's scams. See Wang Sentencing 23 Transcript pages 56-57. The Court has received letters from 24 people whose partners left them and from parents whose children 25 no longer talk to them. These victims and others continue to SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 experience depression and severe psychological distress due to 2 Mr. Guo's actions and the actions of his co-conspirators. 3 One victim writes: "I trusted [Mr. Guo] and his 4 associates, which led to a deep sense of personal violation and 5 a prolonged period of distress. The emotional toll of this 6 betrayal has affected my mental well-being and daily life, 7 which caused me a series of unpredictable consequences such as 8 insurance defaults, family discord and quarrels, personal 9 health and psychological breakdown, [and] career interruption." 10 Statement 163A. 11 Another writes: "The long-term extreme fear, anxiety, 12 and stress caused me to suffer from severe anxiety disorder and 13 I needed medication to sleep. In two months, I lost more than 14 40 pounds and my hair began to fall out." Statement 188. 15 Another states: "Trust within my family has been 16 badly damaged. My wife frequently argues with me over this 17 failed investment, and has even threatened to divorce me if we 18 can't recover the money. This has plunged me into a deep state 19 of guilt and suffering." Statement 190B. 20 I have read countless letters in the record expressing 21 similar sentiments. 22 Mr. Guo preyed on those seeking to bring democracy to 23 China——people who hoped deeply that the political system in 24 China would be challenged. He also preyed on their deep 25 fears——telling them he provided the best way to keep their SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 money safe from China. As he took advantage of people's deeply 2 held emotions, Mr. Guo single-mindedly dedicated himself to 3 increasing his own wealth. 4 To this day, despite the jury's verdict and the 5 hundreds of victim statements submitted to the Court, Mr. Guo 6 takes no responsibility for his actions and instead insists, 7 incredibly, that his conduct caused no loss and harmed no one. 8 Meanwhile, he has called upon his supporters to harass and 9 intimidate those who dare to speak out against him. The 10 seriousness of his crime and the need for deterrence, to 11 protect the public, and to promote respect for the law warrant 12 a serious punishment. 13 Despite the gravity of these offenses, there are 14 several considerations that support a below-guidelines 15 sentence. 16 As I said earlier, I recognize that the loss 17 guidelines were not developed by the Sentencing Commission 18 using an empirical approach, and the guidelines placed undue 19 weight on the loss amount. See, for example, United States v. 20 Adelson, 441 F.Supp.2d 506, 509 (S.D.N.Y. 2006). 21 In addition, I must consider the need to avoid 22 unwarranted sentence disparities among defendants with similar 23 records who have been found guilty of similar conduct. 24 As an initial point, I struggle to compare Mr. Guo's 25 case with any other, given the severity of Mr. Guo's crimes, SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 his exploitation of a philanthropic purpose, his history of 2 intimidating his critics, and his continued refusal to accept 3 responsibility. 4 With respect to Mr. Guo's co-conspirator, Ms. Wang, on 5 January 6, 2025, I sentenced her to 120 months' imprisonment, 6 the statutory maximum penalty. 7 I note, however, that due to the statutory maximum 8 penalty, the applicable guidelines range in Ms. Wang's case was 9 120 months' imprisonment——roughly only 5 percent of the 10 guidelines range applicable here. See Wang Sentencing 11 Transcript at page 13, line 3. And although she played an 12 important role in the fraudulent scheme, she ultimately 13 reported to Mr. Guo, the boss. See Id. at page 57, 14 lines 19-23. 15 Moreover, Ms. Wang accepted responsibility, as 16 evidenced by her guilty plea. See Id. at page 58, lines 16 to 17 17. By contrast, Mr. Guo, to this day, denies responsibility 18 and exhibits no remorse for the harm that he has caused to so 19 many people. 20 Finally, I do consider the length of Mr. Guo's current 21 confinement. Mr. Guo has spent over three years at the 22 Metropolitan Detention Center. I recognize that the conditions 23 of confinement there are uniquely difficult, which warrants a 24 shorter sentence than might otherwise be imposed. See United 25 States v. Chavez, 710 F.Supp.3d 227, 234-35 (S.D.N.Y. 2024). SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 I conclude, for the reasons stated, that a sentence 2 below the guidelines range is warranted. 3 Mr. Guo, please rise for the imposition of sentence. 4 It is the judgment of this Court that with respect to 5 Counts One, Two, Three, Four, Seven, Eight, Nine, Ten, and 6 Eleven, you are sentenced to 360 months' imprisonment. The 7 terms of imprisonment on these nine counts shall be served 8 concurrently to each other. 9 I do not impose a term of supervised release because, 10 pursuant to guidelines Section 5D1.1(c), courts should not 11 impose supervised release in a case in which it is not required 12 by statute and the defendant is likely to be deported after 13 serving his term of imprisonment. 14 I shall not impose a fine because probation does not 15 recommend one, but you must pay the mandatory special 16 assessment of $900, which is due immediately. 17 I shall not order restitution because of the 18 complexity of the case and the number of victims. I instead 19 grant the government's motion to authorize the United States to 20 compensate victims with finally forfeited assets through a 21 remission process, as restitution would be impractical in this 22 case. 18, United States Code, Section 3663A(c)(3). 23 We'll take a pause at this time. You may be seated. 24 (Recess) 25 THE COURT: Please be seated. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 Earlier, I stated that Mr. Guo's total term of 2 incarceration is 360 months. I want to clarify that with 3 respect to Counts One, Three, Seven, Eight, Nine, Ten, and 4 Eleven, I'm imposing 240 months' imprisonment, to run 5 concurrently with each other and the terms of imprisonment on 6 all other counts. 7 With respect to Count Two, I'm imposing a term of 8 360 months' imprisonment, to run concurrently with the 9 sentences imposed on all other counts. 10 And with respect to Count Four, I'm imposing a 11 sentence of 60 months' imprisonment, to run concurrently with 12 the sentence imposed on Count Two and to run consecutively with 13 the sentences imposed on all other counts. 14 Mr. Guo, I'm required to remind you that: 15 As a result of committing the offense alleged in Count 16 One of the S3 superseding indictment, you shall forfeit to the 17 United States, pursuant to Title 18, United States Code, 18 Section 1963: 19 Any interest acquired or maintained in violation of 20 Section 1962; 21 Any interest in, security of, claim against, or 22 property or contractual right of any kind affording a source of 23 influence over, any enterprise the defendants and their 24 co-conspirators established, operated, controlled, conducted, 25 or participated in the conduct of, in violation of SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 Section 1962; and 2 Any property constituting, derived from, any proceeds 3 obtained, directly or indirectly, from the racketeering 4 activity charged in Count One. 5 As a result of committing the wire fraud and 6 securities fraud offenses alleged in Counts Two, Four, and 7 Seven through Eleven of the indictment, you shall forfeit to 8 the United States, pursuant to Title 18, United States Code, 9 Section 981(a)(1)(C) and Title 28, United States Code, 10 Section 2461(c), any and all property, real and personal, that 11 constitutes or is derived from proceeds traceable to the 12 commission of said offenses, including but not limited to a sum 13 of money in United States currency representing the amount of 14 proceeds traceable to the commission of said offenses. 15 As a result of committing the money laundering offense 16 alleged in Count Three of the indictment, you shall forfeit to 17 the United States, pursuant to 18, United States Code, 18 Section 982(a)(1), any and all property, real and personal, 19 involved in said offenses, or any property traceable to such 20 property, including but not limited to a sum of money in United 21 States currency representing the amount of property involved in 22 said offenses. 23 On August 11, 2025, the Court entered a preliminary 24 order of forfeiture in this case. Mr. Guo filed numerous 25 objections to that order, which I reviewed carefully. Earlier SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 today I issued an opinion addressing Mr. Guo's objections. 2 Mr. Guo, you are required to forfeit the property 3 listed in the preliminary order of forfeiture. You are also 4 required to forfeit the property listed in the supplemental 5 order of forfeiture filed by the government at ECF No. 790. 6 The order of forfeiture includes a money judgment of 7 $889 million against you. 8 I'm aware that numerous third-party petitions have 9 been sent to the Court seeking to assert claims under 21, 10 United States Code, 853(n). The Court will provide further 11 guidance on the handling of these petitions in due course, 12 given the sentence imposed today and the Court's resolution of 13 Mr. Guo's numerous objections to the Court's forfeiture order. 14 Does the government know of any legal reason why this 15 sentence as stated should not be imposed? 16 MR. FINKEL: It does not, your Honor. 17 THE COURT: Does the defense have any objection to the 18 imposition of the sentence as stated? 19 MS. SARAFA: Just we would reiterate our prior 20 objections, your Honor. 21 THE COURT: The sentence as stated is imposed. 22 That is the sentence of this Court. Mr. Guo, you have 23 a right to appeal your conviction and sentence. The notice of 24 appeal must be filed within 14 days of the judgment of 25 conviction. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 If you are not able to pay the costs of an appeal, you 2 may apply for leave to appeal in forma pauperis. If you 3 request, the Clerk of Court will prepare and file a notice of 4 appeal on your behalf. 5 Are there any further applications? 6 MR. FINKEL: One brief one, your Honor. On 7 March 17th, the government filed an application for a limited 8 unsealing of the petitions received by the clerk's office. 9 It's at Docket 818. This will enable the government to compare 10 what the clerk's office has received to what the government has 11 received by individuals seeking to file petitions so that the 12 petition process and forfeiture process with respect to 13 third-party claims can move forward. I don't know if the Court 14 has had an opportunity to review that or if the Court will 15 order that. We can certainly provide again the proposed order 16 for that. 17 THE COURT: Yes. Is there any objection? 18 MS. SARAFA: No, your Honor, although with respect to 19 853(n) petitions, I do want to note that in our letter dated 20 February 24, 2026, we sought an order directing the government 21 to produce to defense counsel copies of all the petitions that 22 they've received either pursuant to 853(n) or that could be 23 construed as pursuant to 853(n), and I don't believe there's 24 been a ruling on that. 25 THE COURT: First, government's application is SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 granted. 2 Mr. Finkel, on the application just made by the 3 defense? 4 MR. FINKEL: The government objects. The defendant 5 has no right to that information. The forfeiture as to the 6 defendant is final. The defendant has stated previously that 7 he does not assert a personal interest in any of the specific 8 property that is subject to forfeiture. That is what those 9 petitions are about——the specific property that the defendant 10 himself has no interest in, by order of this Court and by his 11 own admission. The defendant's request should be denied. 12 THE COURT: The application of the defense is denied. 13 Are there any further applications? 14 MR. FINKEL: Not from the government. Thank you. 15 MS. SARAFA: Yes, your Honor. Excuse me, your Honor. 16 We also, in our letter dated June 25, 2026, ECF No. 853, we 17 requested production to the defense of unredacted copies of 18 certain FBI 302s. We specified the Bates range for the 19 documents that we requested unredacted copies of, and I don't 20 believe there's been a ruling on that request. 21 THE COURT: Mr. Finkel? 22 MR. FINKEL: I think there was a ruling on that 23 request. Your Honor issued several rulings in the last 24 couple of days, and one a few months ago, as well as other 25 rulings regarding discovery. The government has met its SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 disclosure obligations in this case, as your Honor explicitly 2 held in a decision I think you issued yesterday. Rule 16 is 3 over, discovery is over, this case before the district court 4 with respect to Mr. Guo is finished. It should be denied. 5 THE COURT: The application is denied. 6 MS. SARAFA: Thank you, your Honor. 7 Two other brief matters. Just to let the Court know, 8 we do intend to make a request to make all of the sealed 9 submissions part of the record for appeal, and I believe we'll 10 do that in writing following today's proceeding. 11 And then finally, with respect to designation, we 12 would ask the Court to recommend in the judgment that Mr. Guo 13 be designated to the BOP facility in Danbury, and if that is 14 not available for any reason, to designate him to Fairton. 15 THE COURT: Does the government have any objection? 16 MR. FINKEL: Your Honor, the government takes no 17 position on this, but it is my understanding that it is the 18 BOP's preference that the defendant request a region as opposed 19 to particular facilities, as it's difficult for them to 20 accommodate specific facility requests. 21 MS. SARAFA: Your Honor, I——in our collective 22 experience, there have been many recommendations to specific 23 facilities, and I believe the BOP will do its best to 24 accommodate the recommendation and designate within the 25 relevant region, should that specific designation be SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 Q6T1GUOS 1 unavailable. 2 THE COURT: So the application is granted. I will 3 make that recommendation. 4 Any further applications? 5 MS. SARAFA: Nothing further from the defense, your 6 Honor. 7 THE COURT: Very well. That brings our sentencing 8 hearing to an end. The matter is adjourned. 9 ALL COUNSEL: Thank you, your Honor. 10 o0o 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300