Epoch Times CFO Charged in Major Crypto Money Laundering Plot
By: Eva Baxter
Weidong "Bill" Guan, the Chief Financial Officer of The Epoch Times, has been arrested and charged with orchestrating a $67 million international money laundering scheme. Federal prosecutors allege that Guan, 61, led a complex operation involving the use of digital assets to purchase crime proceeds, including fraudulently obtained unemployment benefits, which were then laundered through various bank and crypto accounts linked to The Epoch Times and Guan personally. The scheme reportedly caused the media company’s revenue to surge from approximately $15 million to $62 million between 2019 and 2020. The indictment does not list the specific digital assets allegedly used in the charges.
From at least 2020 through May 2024, Guan, while serving as the CFO of the multinational media organization headquartered in New York, is said to have conspired with others in a sprawling transnational scheme to launder roughly $67 million in illegally obtained funds. These funds were moved to bank accounts in the names of The Epoch Times and related entities. Guan allegedly exploited the "Make Money Online" division to open fraudulent accounts and transfer illicit funds using stolen identities. To deflect bank inquiries, Guan is accused of repeatedly lying about the nature of the transactions, falsely claiming that the funds were legitimate donations to the media company.
US Attorney Damian Williams emphasized Guan's alleged deceit, stating, "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." Moreover, in 2022, he falsely informed a congressional office in a letter that "donations constitute ‘an insignificant portion of the overall revenue’ of the Media Company."
The Epoch Times, known for its conservative perspectives and connections to the Falun Gong spiritual movement, has pledged full cooperation with the ongoing investigation and has suspended Guan pending the resolution of the matter. The company has emphasized that the charges do not relate to its journalistic activities.
If convicted, Guan faces severe penalties, including up to 20 years for money laundering and 30 years for each bank fraud charge. Guan pleaded not guilty and was granted release on a $3 million personal recognizance bond, with travel restrictions limiting him to select areas within New York and New Jersey.
