The Epoch Times CFO Arrested in $67 Million Money Laundering Scheme
Weidong “Bill” Guan, the Chief Financial Officer of the Epoch Times, has been indicted and arrested on charges of orchestrating a vast transnational money laundering scheme. This indictment alleges the laundering of approximately $67 million in illegally obtained funds, primarily from fraudulently acquired unemployment insurance benefits. Guan’s arrest marks a significant blow to the multinational media organization known for its staunch pro-Trump stance and extensive media operations.
According to Damian Williams, the United States Attorney for the Southern District of New York, the complex scheme involved laundering tens of millions of dollars through various financial channels, including cryptocurrency and prepaid debit cards.
Guan, acting in his capacity as CFO, allegedly managed the scheme through the “Make Money Online” team within the Epoch Times’ foreign offices. This team reportedly used stolen personal identification information to open accounts and transfer funds, significantly inflating the media company’s revenue by over 400% from 2020 to 2021.
Williams emphasized the gravity of the charges, stating, “As alleged, Bill Guan 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. 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.”
The indictment details that the scheme involved purchasing tens of thousands of prepaid debit cards loaded with crime proceeds, which were bought at discounted rates using cryptocurrency. These proceeds were then transferred to bank accounts associated with the Epoch Times and its affiliates. The complex laundering process included multiple transactions designed to obscure the illicit origins of the funds.
When banks raised concerns about the suspicious financial activities, Guan allegedly responded with false claims, asserting that the funds were legitimate donations or subscription payments. Notably, in 2022, Guan wrote to a congressional office, falsely stating that “donations” were a minor part of the company’s revenue, while internal records showed otherwise.
Guan, 61, faces serious charges, including one count of conspiracy to commit money laundering, which carries a maximum sentence of 20 years in prison, and two counts of bank fraud, each carrying a maximum sentence of 30 years in prison.
The prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation, which aims to dismantle high-level criminal organizations through a multi-agency approach.
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