Epoch Times CFO Caught in $67 Million Money Laundering Allegations
On Monday, the U.S. Attorney's Office announced the arrest and charging of a top executive at Epoch Times, a conservative global media firm,
The U.S. Attorney’s Office charged Weidong “Bill” Guan, the chief financial officer of the Epoch Times, with orchestrating a complex $67 million money laundering operation that purportedly benefited both himself and the conservative global media company.
The scheme involved manipulating cryptocurrency transactions, fraudulent acquisition of unemployment benefits, misuse of thousands of prepaid debit cards and stolen personal identification information.
Details of the Financial Misconduct
Federal prosecutors detailed in a 12-page indictment that Guan had been involved in this illicit financial operation for several years, seeking to enhance the financial standing of the Epoch Times through illegal means.
According to the charges, the media company’s estimated annual revenue saw a dramatic increase from $15 million to $62 million between 2019 and 2020, a surge of approximately 410%. This increase coincides with the timeline of the alleged conspiracy, highlighting the significant impact of the laundered money on the company’s financial health.
Guan allegedly established numerous financial accounts under false pretenses, engaging in transactions that involved buying millions of dollars in crime proceeds using Bitcoin.
The “Make Money Online” team, which Guan managed, reportedly acquired these illicit proceeds at discounted rates ranging from 70 to 80 cents on the dollar. These proceeds were derived from fraudulent unemployment insurance benefits loaded onto tens of thousands of prepaid debit cards.
When questioned by banks about the origin of the funds, Guan is accused of lying, falsely asserting that the money came from legitimate donations to the Epoch Times.
Despite the severity of the allegations, the indictment does not directly implicate the Epoch Times, although Guan is listed as the CFO on the company’s latest tax form. If found guilty, Guan faces up to 20 years in prison for the money laundering charges and up to 30 years for each count of bank fraud.
The Epoch Times has stated that it will cooperate fully with the investigation and has suspended Guan pending the outcome. The company emphasized that Guan remains innocent until proven guilty.
The Broader Context
The Epoch Times, based in New York City, is known for its conservative stance and affiliation with Falun Gong, a spiritual group banned in China. The media outlet has been vocal in its criticism of the Chinese Communist Party and has provided a platform for far-right political figures in the U.S., including former President Donald Trump.
In 2019, it was reported that The Epoch Times spent over $1.5 million on pro-Trump advertisements on Facebook within a six-month period, underscoring its active political engagement and controversial stance within the media landscape.
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