Self-exiled Chinese businessman, Guo Wengui, has been convicted by a US court of stealing hundreds of millions of dollars from online followers.

He was found guilty on nine out of the 12 criminal counts he faced, including racketeering, fraud and money laundering.

Guo’s sentencing has been scheduled for 19 November and could face decades in prison.

He is a critic of Chinese Communist party and was and an associate of Stephen Bannon, an ex-White House chief strategist under former president Donald Trump.

Prosecutors said Guo raised more than $1bn (£770bn) from online followers who joined him in investment and cryptocurrency schemes between 2018 and 2023.

Instead, the money was used to fund Guo’s lavish lifestyle which included a large mansion, a red Lamborghini and a yacht, they said.

“Thousands of Guo’s online followers were victimised so that Guo could live a life of excess,” the US Attorney in Manhattan, Damian Williams, said after the verdict.