Investigations
Chinese Tycoon Guo Wengui Found Guilty Of Fraud By US Court
A US court has found Chinese businessman Guo Wengui guilty of defrauding his online followers in a billion-dollar scam. Guo, a vocal critic of the Chinese Communist party, was found guilty on nine of the 12 criminal counts he faced, including racketeering, fraud, and money laundering.
Guo’s sentencing has been scheduled for November 19, when he could face decades behind bars. He has been in prison since his arrest in March 2023.
Prosecutors said Guo raised more than $1 billion from online followers, who joined him in investment and cryptocurrency schemes between 2018 and 2023. The money he raised was used to fund Guo’s lavish lifestyle, which included a 50,000 square foot mansion, a $1 million Lamborghini, and a $37 million yacht.
“Thousands of Guo’s online followers were victimized so that Guo could live a life of excess,” the US Attorney in Manhattan, Damian Williams, said after the verdict.
Guo’s political activism and his links to high-profile, right-wing US politicians and activists earned him hundreds of thousands of online followers, most of them Chinese people living in Western countries.
Guo’s lawyers tried unsuccessfully to sway the jury by saying their client was not driven by money. Instead, they portrayed him as a fervent opponent of China’s political system, and his ostentatious lifestyle was a critique of the Chinese Communist Party.
After his arrival in the US in 2017, Guo’s outspoken opposition to China’s rulers inspired several ventures with former White House chief strategist Stephen Bannon. They appeared frequently together in online videos, and in 2020, they launched a campaign called the New Federal State of China, with the goal of overthrowing the Chinese Communist Party.
Later that year, Bannon was arrested over an unrelated fraud case while on Guo’s yacht in Connecticut. He was later pardoned by then-President Donald Trump. Bannon is currently serving a four-month sentence for contempt of Congress.
Investigations
Elon Musk’s $1 Million Giveaway Under DOJ Investigation for Potential Legal Violations
Elon Musk’s recent $1 million giveaway has drawn attention from the U.S. Department of Justice (DOJ), which is reportedly scrutinizing the legality of the contest. This giveaway, widely promoted on social media, promised substantial cash prizes to select followers but has now raised concerns about compliance with federal sweepstakes laws. The DOJ’s focus is on whether the giveaway followed proper disclosures and legal requirements, including fair entry rules and transparency. This legal scrutiny adds a new layer of complexity to Musk’s ventures, as he continues to attract both media and regulatory attention with high-profile initiatives. The case underscores the importance of adhering to regulations, even in promotional activities led by influential public figures. The outcome could impact future online giveaways hosted by prominent personalities.
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Cybersecurity and data protection are critical priorities as Africa advances in digital connectivity and innovation. With rapid growth in internet use and digital transformation across sectors, African countries are increasingly addressing cybersecurity challenges to protect citizens, businesses, and governments from cyber threats. Key initiatives focus on strengthening data protection laws, building cybersecurity infrastructure, and fostering a skilled workforce capable of responding to emerging threats. From securing personal data to safeguarding national infrastructures, African nations are taking proactive steps to ensure a safer, more resilient digital future. Join the conversation on how Africa is advancing in cybersecurity and protecting valuable data assets.
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ExxonMobil Guyana has announced plans to increase oil production from its Stabroek block by 18,000 barrels per day (bpd). The capacity of the Unity floating production, storage, and offloading (FPSO) vessel will increase from 252,000 bpd to 270,000 bpd, pending approval from local authorities. ExxonMobil Guyana currently produces 665,000 bpd, and future developments include the Hammerhead project, which aims to produce 120,000-180,000 bpd. The company’s investment is set to further strengthen Guyana’s economy as it grows into a major oil producer.
In political developments, President Irfaan Ali has announced several benefits ahead of Guyana’s upcoming elections. The new incentives include free college tuition and a one-time cash handout of nearly $1,000 per household, benefiting 264,000 families. The minimum wage will also increase from $350 to $500 starting next year, aimed at reducing the cost of living for Guyanese citizens.
Guyana’s economy, bolstered by its growing oil sector, saw a remarkable 60% GDP growth in 2022, the highest in the world, according to the IMF. To further utilize oil revenues, the government is launching various infrastructure projects, including hospitals, schools, and a $1.9 billion gas-to-energy initiative.
At the same time, the 115th COTED meeting on agriculture in CARICOM is tackling challenges like climate change and underdeveloped agricultural value chains, working towards the 25 by 2025 Food Security Initiative.
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Hurray! It’s the 25th Edition of Diaspora Watch!
Cybersecurity and Data Protection in Africa
Diaspora Watch Vol. 24: A New Era, A Historic Victory, and the Pulse of the Global African Experience
Diaspora Watch 20th Edition (October 14-20, 2024): Your Trusted Source for Global News and Insights
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