Epoch Times’ CFO, Weidong Guan, has been arrested and charged with crypto money laundering in a scheme that involved approximately $67 million. The U.S. Attorney’s Office of the Southern District of New York released a press release detailing the charges against Guan, also known as Bill Guan, who serves as the CFO of the New York City-based multinational media company.
According to the Department of Justice (DOJ), Guan participated in a transnational money laundering scheme that aimed to benefit himself and the media company. The indictment revealed that Guan and others laundered the illegally obtained funds by depositing them into bank accounts under the company’s name and managing the company’s “Make Money Online” team.
The “MMO Team” and other individuals intentionally used cryptocurrency to acquire millions of dollars in illicit funds, including proceeds from fraudulently obtained unemployment insurance benefits. These funds were then loaded onto prepaid debit cards. The cryptocurrency was obtained at discounted rates, ranging from 70 to 80 cents per dollar, on a specific cryptocurrency platform.
Once the funds were deposited into the accounts, they underwent further laundering processes through other bank accounts owned by the media entities, Guan’s personal bank accounts, and Guan’s personal crypto accounts. Guan allegedly lied when questioned by banks about the origin of the funds, repeatedly claiming that they came from legitimate donations to the media company.
As a result of Guan’s scheme, the media company’s annual revenue increased by an astonishing 410% compared to the previous year, surging from approximately $15 million to approximately $62 million.
U.S. Attorney Damian Williams emphasized the commitment of his office to enforce laws against money laundering and protect the integrity of the U.S. financial system. The charges against Guan underscore the seriousness with which authorities tackle fraud facilitated through money laundering.