Epoch Times CFO charged with $67 million in cryptocurrency money laundering
The U.S. Department of Justice has indicted Bill Guan, the chief financial officer of the New York-based media outlet Epoch Times, on charges of participating in a $67 million money laundering scheme. Guan was arrested on Sunday.
Guan reportedly managed the Epoch Times’ ‘Online Monetization’ team (MMO), which is accused of using cryptocurrency to purchase tens of millions of dollars in criminal proceeds at a 70-80% discount. This allegedly included illegally obtained unemployment insurance benefits on tens of thousands of prepaid debit cards. prosecution.
The funds were then transferred to bank accounts linked to the Epoch Times by MMO members and other participants who opened various accounts using stolen personal information. This alleged scheme lasted from around 2020 until last month.
“(Guan) conspired with others to launder tens of millions of dollars in fraudulently obtained unemployment insurance benefits and other criminal proceeds to benefit himself, his media companies, and their affiliates,” said U.S. Attorney Damian Williams.
By the time the plan began, the media company’s annual revenue had increased by about 410 percent, according to a Justice Department statement. When the bank questioned the source of the funds, Guan lied and said the funds came from legitimate donations to the media company, Williams alleged.
The 61-year-old media executive is now charged with one count of conspiracy to commit money laundering, which carries a penalty of up to 20 years in prison, and two counts of bank fraud, which carries a penalty of up to 30 years in prison. prison.
Founded in 2000, Epoch Times currently provides news media services in 36 territories and 22 languages. Website. The attorney’s office said the charges were not related to the publication’s news gathering activities.
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