Indictment Unsealed, Top Financial Officer Pleads Not Guilty
Weidong “Bill” Guan, 61, the Chief Financial Officer of The Epoch Times, a conservative multinational media company, was arrested on Sunday and charged with money laundering and bank fraud in connection with a multi-year scheme. He pleaded not guilty during his arraignment on Monday before a federal judge in New York.
Accusations of Transnational Money Laundering
According to an unsealed indictment, Guan is alleged to have participated in a complex, international operation involving at least $67 million in fraudulently obtained funds. Federal prosecutors believe Guan played a central role in directing millions of dollars in criminal proceeds, including monies from fraudulent unemployment benefits, into bank accounts affiliated with The Epoch Times and other related entities.
Prosecutors Detail Alleged Scheme
The indictment details how members of The Epoch Times’ “Make Money Online” team, overseen by Guan, used cryptocurrency to knowingly purchase tens of millions of dollars derived from criminal activity. Prosecutors allege this included funds loaded onto prepaid debit cards obtained through fraudulent unemployment claims. Stolen personal information was then reportedly used to establish accounts used to further launder the money. The scheme allegedly involved transferring funds through various bank accounts held by The Epoch Times, as well as Guan’s personal accounts and cryptocurrency holdings.
Revenue Surge Coincides with Alleged Laundering
Federal prosecutors point to a significant increase in The Epoch Times’ revenue coinciding with the alleged money laundering scheme. They report a 410% jump, from roughly $15 million to $62 million, during the relevant period. The indictment further accuses Guan of misleading banks by attributing the surge in transactions to a rise in legitimate donations.
