The Epoch Times CFO Arrested in $67 Million Money Laundering Case, Could Face Over 30 Years in Prison

Weidong "Bill" Guan, the 61-year-old Chief Financial Officer of The Epoch Times, faces charges from U.S. federal prosecutors for allegedly engaging in a significant money laundering scheme worth $67 million. The charges claim the illegal funds benefited both him and the media outlet.

U.S. Attorney Damian Williams said: “As alleged, Bill Guan, the Chief Financial Officer of a global newspaper and media company, conspired with others to benefit himself, the media company, and its affiliates by laundering tens of millions of dollars in fraudulently obtained unemployment insurance benefits and other crime proceeds.  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.  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 U.S. financial system.”

Indictment Reveals Epoch Times' "Make Money Online" Scheme

According to the indictment, Guan led The Epoch Times' "Make Money Online" team, using cryptocurrency to acquire criminal proceeds. The scheme, reportedly starting around 2020, involved purchasing these proceeds at a discount and funnelling them through bank accounts linked to the newspaper via "tens of thousands of layered transactions," including prepaid debit cards and accounts opened with stolen identities.

The illegal activities allegedly generated substantial revenue for The Epoch Times, with its annual revenue increasing by 410% from $15 million in 2019 to about $62 million in 2020. Prosecutors noted that Guan falsely claimed the funds came from "donations" when banks queried the sudden influx.

Guan Faces Over 30 Years if Convicted

Guan, who has not yet entered a plea, could face over 30 years in prison if convicted. The Epoch Times stated it would fully cooperate with the investigation and has suspended Guan's duties pending resolution. The media outlet did not respond to specific inquiries from prosecutors regarding the "Make Money Online" team.

Founded in 2000 by Chinese-American affiliates of the Falun Gong religious group, The Epoch Times started as a free newspaper in New York. It has since grown into a prominent conservative media outlet in the U.S., known for promoting conspiracy theories and opposing the Chinese Communist Party. Prosecutors emphasised that the charges against Guan are unrelated to the newspaper's news-gathering activities.