Weidong “Bill” Guan, the Chief Financial Officer (CFO) of the conservative global news outlet The Epoch Times, has been arrested and charged with leading a yearslong scheme to launder at least $67 million in illicit funds.
Federal prosecutors allege that the “sprawling” scheme involved cryptocurrency, tens of thousands of prepaid debit cards, fraudulently obtained unemployment insurance benefits, and stolen personal information.
This activity significantly increased The Epoch Times’ reported annual revenue. Guan pleaded not guilty and was released on a $3 million personal recognizance bond. His travel is restricted to parts of New York and New Jersey1. The Epoch Times, affiliated with the religious group Falun Gong, has supported former President Donald Trump and opposes the Chinese Communist Party.
Allegedly, Guan “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 in a statement.
“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.
CNBC reports The Epoch Times is not mentioned by name in the indictment. But Guan is listed as Epoch Times’ chief financial officer on the nonprofit media company’s most recent tax return, filed in late 2023.
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