Epoch Times CFO charged in $67M money laundering scheme
- The CFO of The Epoch Times, a conservative multinational media company, has been indicted in a $67 million global money laundering scheme.
- Bill Guan, the CFO, allegedly led a team at the news outlet in a yearslong scheme involving illicit funds.
- Federal prosecutors announced the arrest and charges on Monday.
The Epoch Times' CFO, Weidong "Bill" Guan, is accused of being involved in a scheme to launder millions of dollars in illegally obtained funds. He was arrested and charged with money laundering and bank fraud. Guan allegedly worked with others to move around $67 million to the media company's accounts using cryptocurrency. The money came from fraudulently obtained unemployment benefits and other illegal sources. The company's "Make Money Online" team, managed by Guan, played a role in this scheme. They used stolen personal information to open accounts and move the money through various bank and cryptocurrency accounts. The company stated it would cooperate with the investigation and suspended Guan until the matter is resolved. The charges are not related to the company's news activities. The revenue of the media company increased significantly during the time of the alleged money laundering. Guan is accused of lying to banks about the source of the funds, claiming they were legitimate donations. The charges against Guan carry potential prison sentences. The Epoch Times is a conservative media outlet that has grown over the years and is known for its strong stance against the Chinese Communist Party.