Bill Guan, Chief Financial Officer of The Epoch Times, a far-right international media company, has been charged in connection with a $67 million cryptocurrency laundering scheme.
U.S. federal prosecutors unsealed an indictment on June 3, accusing Weidong “Bill” Guan of participating in a global conspiracy to launder $67 million in illegal funds through cryptocurrency. Guan was taken into custody on Monday.
The indictment claims that Guan, along with others, funneled $67 million of illicitly obtained money into bank accounts associated with The Epoch Times and its related entities. Prosecutors allege that the scheme was led by a group called the “Make Money Online” (MMO) team. Under Guan’s direction, the team used cryptocurrency to launder proceeds from various crimes, including fraudulent unemployment insurance claims purchased at steep discounts on a specific crypto platform.
“The crime proceeds were generally purchased by the scheme participants, including members of the MMO Team and others working with them, using a particular cryptocurrency platform, at discounted rates of approximately 70 to 80 cents per dollar, and in exchange for cryptocurrency,” stated the U.S. Attorney’s Office for the Southern District of New York.
U.S. Attorney Damian Williams noted that when banks raised concerns about the funds, Guan “allegedly lied repeatedly and falsely claimed that the funds came from legitimate donations to the media company.”
The Department of Justice highlighted a notable increase in The Epoch Times’ revenue during the period the laundering scheme was active. The company’s financial records showed an annual revenue jump of approximately 410%, from $15 million to about $62 million.
Guan faces one count of conspiracy to commit money laundering, carrying a potential 20-year prison sentence, and two counts of bank fraud, each punishable by up to 30 years in prison. The Department of Justice clarified that the charges are specific to Guan’s actions and do not implicate The Epoch Times’ operations.
Founded in 2000, The Epoch Times was established to counter Chinese Communist Party propaganda. The media company operates in numerous countries and publishes content in over 20 languages.
