Bitrabo Editorial
Bill Guan, the CFO of Epoch Times, a prominent global newspaper and media company, has been indicted by the US Department of Justice (DOJ) for his alleged involvement in a scheme to launder around $67 million using cryptocurrency. The indictment accuses Guan of participating in a transnational money laundering conspiracy for personal gain and the benefit of the media company and its affiliates.
Allegations of a Large-Scale Money Laundering Operation
The US Attorney Damian Williams stated that Guan conspired with others to launder tens of millions of dollars acquired through fraudulent unemployment insurance benefits and other illicit activities. Guan, in his role as CFO, was said to have played a pivotal role in the extensive money laundering scheme that took place from 2020 to May 2024.
Under Guan’s direction, the company’s “Make Money Online” team utilized cryptocurrency to buy crime proceeds, such as fraudulently obtained unemployment benefits loaded onto prepaid debit cards, at discounted rates through a specific digital asset platform. Stolen personal identification information was used to open various accounts and transfer illicit funds to Media Entities linked to Epoch Times.
These funds were then laundered through a network of bank accounts, including those belonging to the Media Entities, Guan’s personal accounts, and his cryptocurrency accounts.
Potential Lengthy Prison Sentences
During the period of the alleged money laundering activities, Epoch Times’ internal financial records showed a massive 410% surge in annual revenue compared to the previous year, reaching approximately $62 million. Guan allegedly misled banks by stating that the sudden increase in transactions originated from donations.
Guan, currently residing in Secaucus, New Jersey, faces charges of conspiring to commit money laundering, which could result in a maximum sentence of 20 years in prison, along with two charges of bank fraud, each carrying a maximum sentence of 30 years in prison.
The investigation involved cooperation among various law enforcement agencies, with a focus on fraud allegations related to the US Department of Labor’s unemployment insurance program. The charges against Guan are allegations, and any sentencing will be determined by the judge after trial.
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