The Epoch Times interviews U.S. Rep. Jim Jordan, R-Ohio, at the Conservative Political Action Conference (CPAC22) in Orlando, Florida on February 26, 2022. On Monday, the newspaper's chief executive officer Bill Guan was charged in an alleged $67 million money laundering scheme. File Photo by Joe Marino/UPI | License Photo
June 3 (UPI) -- The chief financial officer of conservative news outlet The Epoch Times has been arrested and charged in an alleged $67 million global money-laundering scheme, federal prosecutors announced Monday. Weidong "Bill" Guan, 61, was arrested Sunday and charged Monday with one count of conspiring to commit money laundering and two counts of bank fraud, according to the indictment, which stated the charges are "not related to the media company's news gathering activities." Advertisem*nt
Epoch Media Group distributes news in 36 regions and countries.
"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," U.S. Attorney Damian Williams said Monday in a statement.
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According to court documents, Guan managed the "Make Money Online" team at the company, which was not named in the indictment and described as a "multinational media company headquartered in New York City."
Guan and others are accused of using cryptocurrency to purchase "tens of millions of dollars in crime proceeds," including the proceeds of fraudulently obtained unemployment insurance benefits loaded onto tens of thousands of prepaid debit cards. The proceeds were purchased by members of the team, using a cryptocurrency platform at discounted rates of approximately 70 to 80 cents per dollar.
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Members of the MMO Team allegedly used stolen personal identification information to open accounts to launder the money, according to the indictment, which said increased annual revenue at the media company grew 410% in 2020 from $15 million to $62 million.
"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," Williams said.
According to court records, Guan was released Monday on a $3 million bond. He could face a maximum sentence of 30 years in prison for bank fraud, if convicted, and another 20 years for the conspiracy count.
- Topics
- Law and Crime
- Business
- Damian Williams
- Cryptocurrency
