CFO Of Epoch Times Arrested Over Alleged $67M Money Laundering Scheme

A senior official of the global media outlet The Epoch Times is charged with participating in a multi-year plot to launder tens of millions of dollars in funds gained through fraudulent means, including unemployment benefits, as per an indictment unveiled on Monday.

Guan is charged with joining up with others in a “sprawling transnational scheme” to launder at least $67 million to the bank accounts and affiliated businesses of the media corporation headquartered in New York.

Weidong “Bill” Guan, 61, of Secaucus, New Jersey, was arrested on Sunday. The suspect has been indicted on one count of conspiracy to commit money laundering and two counts of bank fraud as he appeared on Monday in front of a federal judge in New York. He pleaded not guilty, says media sources

The most formidable of the charges holds the maximum jail term of 30 years in these cases.

His bail was set at a $3 million personal recognizance bond, and he is prohibited from traveling to certain areas in New York and New Jersey, among other conditions.

Guan’s lawyer, Assistant Federal Defender Ariel Werner, who is identified in court documents, declined to comment on the allegations at this time.

Why Guan Was Convicted Of Million-Dollar Charges?

Members of the company’s “Make Money Online” team who worked under the supervision of Guan “used cryptocurrency knowingly to purchase tens of millions of dollars in crime proceeds including fraudulent unemployment benefits that were later transferred onto prepaid debit cards,” federal prosecutors said.

According to the prosecution, in the next part of this money laundering plan accounts were opened with alleged stolen personal information. The money was also laundered through the other bank accounts held by Epoch and Guan’s crypto and personal accounts.

Prosecutors claimed that the charges have no connection with news reporting for the Epoch Times.

“When questions arose from the banks about such funds, Guan allegedly provided several false statements, including the assertion that the money was donated to the media firm legally. ” US Attorney Damian Williams said.

“Today’s charges bring to light this office’s continued effort in ensuring compliance and upholding the laws against individuals who engage in money laundering for fraud and to safeguard the US financial system,” he added.

What Was The Response Of Epoch Times?

The Epoch Times, in a statement, responded that the newspaper company has “a core principle that puts the question of integrity in its dealings above everything else. ”

“Despite the legal position taken by the company, it should be noted that the company intends to and will fully cooperate with any investigation dealing with the allegations against Mr. Guan,” the company said.

In the meantime, while it’s still unclear whether Mr. Guan was involved in fraud unless proven in court, the company has restricted his access to this company until the investigations end.

The Main Agenda Of Epoch Times

The Epoch Times media which claims to be supported by and affiliated with Falun Gong was established in 2000, to offer a solid platform against the Chinese Communist Party.

Over the years the outlet has been associated with spreading right-wing politics entailing the fabrication of conspiracy theories, and more.

Since 2016, it ‘fully supported and endorsed ex-US President, Donald Trump through various campaigns, especially through Facebook ads, says media sources.

Must Read: Will Trump Go To Jail After Receiving A Guilty Verdict In The Hush Money Trial?

The charges related to alleged acts of fraud are not part of the company’s journalism operations, say prosecutors.

Federal prosecutors said the media company’s revenues increased from approximately $15 million to $62 million, approximately a 410 % increase as the alleged money laundering was being carried out. In this case, they noted that Guan had deceived the banks when they wanted to know why there was a rise in the number of transactions, to which Guan replied that there was a corresponding rise in the number of charity donations.