"Miles Guo once controlled some 500 bank accounts holding hundreds of millions of dollars. He flaunted his yachts, mansions, and sports cars in YouTube videos. Yet when Guo filed for bankruptcy in 2022, he proclaimed himself a pauper. Even as he spent $18 million renovating his Gilded Age mansion in New Jersey, Guo swore in a bankruptcy filing that he was worth essentially nothing: just $3,850."
"In the year between filing for bankruptcy and his 2023 federal fraud arrest, Guo unleashed an international army of devotees who believed he would one day be the next president of China. At his urging, they flooded his bankruptcy docket with hundreds of nuisance claims, doxxed his creditors, and picketed outside the trustee's home and his law offices in New York, London, and Tokyo. Sometimes they held signs showing the trustee's photo - his teeth dripping with blood."
"Welcome to the personal bankruptcy from hell - an ongoing Chapter 11 liquidation nightmare playing out as Guo sits in jail, awaitingsentencing on a billion-dollar fraud conspiracy. It is also the story of a debtor run amok, a cautionary tale of how someone with wealth and influence can hijack the bankruptcy system, delaying justice to victims whose claims go back decades."
Miles Guo controlled about 500 bank accounts with hundreds of millions and publicly displayed luxury assets while later filing for bankruptcy claiming only $3,850. He spent $18 million renovating a New Jersey mansion even as a trustee began locating and selling yachts, homes, and cars. Between the bankruptcy filing and a 2023 fraud arrest, devoted followers filed nuisance claims, doxxed creditors, and picketed the trustee's home and law offices internationally, sometimes with violent imagery. Four years after the filing the trustee continues to pursue assets and creditors have not recovered funds.
Read at Business Insider
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