Epoch Times CFO indicted for money laundering
- The Epoch Times CFO is accused of money laundering totaling at least $67 million.
- The United States Department of Justice has announced the indictment of the CFO, Bill Guan.
- The once small newspaper with ties to Chinese dissidents is now at the center of a major money-laundering scandal.
A small newspaper started by Chinese dissidents grew into a big right-wing media outlet that spread conspiracy theories. Recently, one of its top officers was accused of being involved in a criminal money laundering scheme. The Epoch Times' chief financial officer was charged with laundering over $67 million in illegally obtained funds. The alleged scheme started in 2020, and the newspaper's revenue increased from $15.5 million to over $70 million. The officer, Weidong Guan, led an initiative using a cryptocurrency platform to buy prepaid debit cards loaded with illicit funds. These funds, including fraudulently obtained unemployment benefits, were transferred to bank accounts linked to the media company. Guan and others allegedly used stolen identities to open financial accounts for this purpose. Guan denied the charges and faced a $3 million bail package. The Epoch Times stated it values integrity and will cooperate with the investigation. The newspaper had gained influence in right-wing media by supporting Donald Trump and spreading conspiracy theories. The sudden financial growth raised suspicions, leading to the money laundering charges against Guan. The Justice Department indicted Guan for laundering millions of dollars through a complex scheme involving cryptocurrency and prepaid debit cards. The scheme aimed to enrich individuals, including Guan, and benefit the media company. The charges did not involve the newspaper's news reporting activities but focused on financial crimes. Guan managed a team that used cryptocurrency to purchase crime proceeds and launder them through various accounts. He allegedly lied about the source of the money when questioned about the significant increase in the newspaper's revenue. The investigation revealed a substantial rise in revenue, with millions of dollars directed towards Trump's 2020 campaign. The Epoch Times was linked to Falun Gong, a religious movement critical of the Chinese government. The newspaper aimed to influence public opinion against China and connect Joe Biden and the Democratic party to the Chinese Communist party.