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According to the Department of Justice, a high-ranking official at the Epoch Times, a conservative media outlet in New York, has been detained due to his alleged involvement in a significant money laundering operation.
Weidong “Bill” Guan, the chief financial officer of the Epoch Times, is accused of being part of a “sprawling, transnational scheme” to launder over $67 million in illegal funds for personal and corporate gain, as stated by the DOJ on Monday. Under Guan’s leadership, the company’s “Make Money Online” team reportedly used cryptocurrency to purchase millions in crime proceeds, including fraudulently obtained unemployment benefits loaded onto prepaid debit cards.
Federal prosecutors allege that employees exploited stolen personal information to create bank and cryptocurrency accounts, facilitating the transfer and further laundering of these illicit funds through accounts held by the Epoch Times and Guan. The DOJ emphasized that the charges are not related to the media outlet’s journalistic activities.
According to US Attorney Damian Williams, “When banks raised questions about the funds, Guan allegedly lied repeatedly and falsely claimed that the funds came from legitimate donations to the media company.” He added, “Today’s charges reflect this office’s ongoing commitment to vigorously enforcing the laws against those who facilitate fraud through money laundering and to protecting the integrity of the US financial system.”
Guan, 61, from Secaucus, New Jersey, is charged with one count of conspiring to commit money laundering and two counts of bank fraud, with the most severe charge carrying a potential 30-year prison sentence. An attorney for Guan has not commented on the allegations.
In a brief statement, the Epoch Times said, “The company intends to and will fully cooperate with any investigation dealing with the allegations against Mr. Guan. In the interim, although Mr. Guan is innocent until proven guilty beyond a reasonable doubt, the company has suspended him until this matter is resolved.”
