Yvette Wang, the “chief of staff” to an exiled Chinese tycoon, was sentenced to 10 years in prison for her involvement in diverting nearly $1 billion from investors into extravagant purchases like a mansion, expensive rugs, and a luxury car, federal authorities announced on Monday.

Judge Analisa Torres from the Southern District of New York sentenced Wang for deceiving thousands of investors who collectively invested about $1.4 billion into the businesses associated with Miles Guo. Wang, a Chinese citizen residing in New York City, took part in the fraudulent activities from at least 2018 until March 2023, authorities stated.

The 45-year-old collaborated with Guo and accomplice Kin Ming Je to mislead individuals into investing in phony endeavors, such as the Rule of Law Foundation—a fake nonprofit that claimed to tackle the Chinese Communist Party—and Himalaya Exchange, a fraudulent cryptocurrency platform that has since been seized by the FBI, according to the indictment.

Wang faced charges including wire fraud, securities fraud, and money laundering. FBI agents arrested her in March 2023 and discovered $130,000 in cash in her apartment, as per Justice Department officials.

Besides the luxurious mansion in New Jersey, Wang also facilitated lavish spending that included around $4.4 million for a customized Bugatti sports car, a $62,000 television, and a $53,000 log cradle for a fireplace, according to the U.S. Attorney’s Office.

Wang reportedly earned an annual salary of half a million dollars and received a Manhattan condo worth $1.1 million as part of her compensation, according to the indictment.

Wang’s attorney, Louis V. Fasulo, has yet to reply to the requests for comments.

In addition to her prison sentence, she will spend three years under supervised release and has been ordered to forfeit $1.4 billion. Guo, her boss, was convicted in July and is awaiting his sentencing.

A spokesperson for the Southern District of New York has not provided comment regarding Je’s current status. Je remained at large during the summer.

How Guo and Wang Capitalized on Dissent

Leveraging his image as a dissident and supposed billionaire, he persuaded investors to finance alleged startup ventures ranging from nonprofits critical of the Chinese government to memberships in a purported club that claimed to offer “world-class products, services, and experiences,” but failed to provide any actual benefits, according to court documents.

The documents identify Wang as Guo’s “chief of staff,” detailing her management of several of his business endeavors. She oversaw the fraudulent club which charged membership fees of up to $50,000 per year, and GTV, a so-called “citizen journalism” platform that drew $452 million from investors, according to the indictment.

Most of the finances meant for the platform, which aimed to combine “big data, artificial intelligence, blockchain technology, and real-time interactive communication,” were instead redirected to one of Guo’s relatives, as indicated in the filings.

Guo, Wang, and Je reportedly utilized around 500 accounts registered under 80 different entities to launder investors’ funds, according to an indictment.

As the mastermind behind the operation, Guo could face decades of imprisonment for his role in this intricate scheme, as stated by U.S. Attorney Damian Williams.

Je, who holds dual citizenship in Hong Kong and the United Kingdom, has been charged with 11 similar offenses as Guo, along with an additional possible 20 years for obstruction of justice.