- CFO Arrested: Epoch Times CFO apprehended for money laundering
- Cryptocurrency Involvement: Company used crypto to launder crime proceeds
- Charges and Allegations: CFO faces money laundering and bank fraud charges
A senior executive at the Epoch Times, a conservative media outlet headquartered in New York and renowned for its vehement criticism of the Chinese government, has been apprehended on suspicion of participating in a money laundering scheme.
The United States Department of Justice announced on Monday that Weidong “Bill” Guan, the outlet’s chief financial officer, is accused of participating in a “sprawling, transnational scheme” to launder at least $67 million in unlawfully acquired funds for the benefit of himself and the company.
The DOJ stated that the “Make Money Online” division of the company, which was under the supervision of Guan, utilized cryptocurrency to purchase tens of millions of dollars in crime proceeds. This included fraudulently obtained unemployment insurance benefits loaded onto prepaid debit cards.
According to federal prosecutors, employees subsequently utilized stolen personal information to establish bank and cryptocurrency accounts to transfer illicit proceeds. These funds were subsequently laundered through other bank accounts held by the Epoch Times and Guan.
According to prosecutors, the allegations are not associated with the Epoch Times’ news-gathering activities.
Damian Williams, the United States Attorney, alleged that Guan repeatedly lied and falsely claimed that the funds originated from legitimate donations to the media company when banks raised concerns about the funds.
Today’s charges indicate this office’s ongoing dedication to the vigorous enforcement of laws against individuals who facilitate fraud through money laundering and to the preservation of the integrity of the US financial system.
Guan, 61, of Secaucus, New Jersey, is accused of one count of conspiring to commit money laundering and two counts of bank fraud.
The most severe charge entails a maximum penalty of 30 years in prison.
Guan’s attorney, Ariel Werner, should have responded to a request for comment.
The Epoch Times stated it has “a guiding principle that elevates integrity in its dealings above everything else.”
“Take a step towards financial freedom – claim your free Webull shares now!”
“The company is committed to providing full cooperation with any investigation that pertains to the allegations against Mr. Guan,” the company stated.
“In the interim, even though Mr. Guan is presumed innocent until proven guilty beyond a reasonable doubt, the company has suspended him until this issue is resolved.”
2000 The Epoch Times was established to offer a platform for opposition to the Chinese Communist Party. The publication is affiliated with the Falun Gong spiritual movement.
The outlet has gained recognition in recent years for its advocacy of right-wing ideologies, which include unsubstantiated conspiracy theories.
The outlet has consistently advocated for former US President Donald Trump, including through pro-Trump Facebook advertising, since 2016.
