Epoch Times CFO charged with $67m crypto money laundering scheme

Bill Guan, chief financial officer of the Epoch Times, a far-right international media company, is accused of participating in a multi-million cryptocurrency laundering scheme.

U.S. federal prosecutors unsealed an indictment on June 3 charging Epoch Times chief financial officer Weidong “Bill” Guan with taking part in a transnational scheme to launder $67 million in illicit funds through crypto.

In a press release, federal prosecutors said Guan, who was arrested Monday, conspired with others to launder $67 million in illicitly obtained funds into bank accounts in the name of the media company and related entities.

The scheme involved a group called “Making Money Online” (MMO), which, under Guan’s direction, allegedly used crypto to launder the proceeds of crime. These included funds obtained from fraudulent unemployment insurance claims, often purchased at significantly discounted rates on a particular crypto platform.

“The proceeds of crime were often purchased by scheme participants, including MMO Team members and others working with them, in exchange for cryptocurrency using a specific cryptocurrency platform, at discounted rates of approximately 70 to 80 cents on the dollar.”

U.S. Attorney’s Office, Southern District of New York

When banks asked questions about the funds, Guan “repeatedly lied, claiming the funds came from legitimate donations to the media company,” U.S. Attorney Damian Williams said in a statement.

The U.S. Department of Justice notes that at the time the money laundering scheme began, the Media Company’s internal financial accounting reflected “an approximately 410% increase in annual revenue over the prior year – from approximately $15 million to approximately $62 million.”

Guan faces charges of conspiracy to commit money laundering, punishable by up to 20 years in prison, and two counts of bank fraud, each punishable by up to 30 years in prison. The Justice Department announced that the charges were against Guan’s actions, not the Epoch Times’ operations.

Founded in 2000, The Epoch Times is a media company founded to counter Chinese Communist Party propaganda. The media company operates in dozens of countries and more than 20 languages.