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.As stated in the indictment,“From at least in or about 2020, through in or about May 2024, GUAN, while working as the Chief Financial Officer of a multinational media company headquartered in New York, New York (the “Media Company”), conspired with others to participate in a sprawling, transnational scheme to launder at least approximately $67 million of illegally obtained funds to bank accounts in the names of the Media Company and related entities.”Guan, who managed the “Make Money Online” team at The Epoch Times, allegedly used stolen personal information to open accounts and transfer illicit funds. When questioned by banks about the influx of transactions, Guan is accused of lying, claiming the funds were legitimate donations. As US Attorney Damian Williams said,“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.”In 2022, he falsely stated in a letter to a congressional office that “donations constitute ‘an insignificant portion of the overall revenue’ of the Media Company.”The Epoch Times, a conservative media organization linked to the Falun Gong spiritual movement, has stated its commitment to cooperating fully with the investigation and has suspended Guan pending the resolution of the matter. The charges against Guan do not pertain to the company’s journalistic activities.If convicted, Guan faces a maximum sentence of 20 years for money laundering and 30 years for each bank fraud charge. He pleaded not guilty and was granted a $3 million personal recognizance bond with travel restrictions confined to parts of New York and New Jersey.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI. Your daily dose of must-have crypto news and deep dives. Direct to your inbox.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.The examinations will determine S&C’s awareness of FTX misconduct and potential conflicts during SBF’s Robinhood shares acquisition.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
