Epoch Times Exec Nabbed in $67M Laundering Plot
A top executive at the Epoch Times, a New York-based conservative media outlet known for its fierce criticism of the Chinese government, has been arrested for his alleged involvement in a money laundering scheme.
According to the United States Department of Justice, Weidong “Bill” Guan, the outlet’s chief financial officer, is alleged to have participated in a “sprawling, transnational scheme” to launder at least $67m in illegally obtained funds to benefit himself and the company.
Under the management of Guan, members of the company’s “Make Money Online” team used cryptocurrency to buy tens of millions of dollars in crime proceeds, including fraudulently obtained unemployment insurance benefits that were loaded onto prepaid debit cards, the DOJ said.
According to federal prosecutors, employees utilized stolen personal data to create bank and cryptocurrency accounts for transferring illegal funds. These funds were subsequently laundered through other bank accounts belonging to the Epoch Times and an individual named Guan. Prosecutors clarified that the charges are unrelated to the Epoch Times's journalistic activities.
Guan, 61, of Secaucus, New Jersey, faces one count of conspiring to commit money laundering and two counts of bank fraud.
The most serious of the charges carries a maximum punishment of 30 years in prison.
“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,” US Attorney Damian Williams said.
“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’s lawyer Ariel Werner did not immediately respond to a request for comment.
In a statement, The Epoch Times said it has “a guiding principle that elevates integrity in its dealings above everything else.”
“The company intends to and will fully cooperate with any investigation dealing with the allegations against Mr. Guan,” the company said.
“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.”
Founded in 2000 to oppose the Chinese Communist Party, the Epoch Times is affiliated with the Falun Gong spiritual movement. In recent years, it has gained a reputation for promoting right-wing perspectives and unverified conspiracy theories.
Since 2016, the outlet has been a strong supporter of former US President Donald Trump, including running pro-Trump advertisements on Facebook.
