Epoch Times CFO is arrested and accused of role in $67M multinational money laundering scheme
NEW YORK — The chief financial officer of The Epoch Times, a conservative multinational media company, is accused of participating in a multi-year scheme to launder tens of millions of dollars in fraudulently obtained unemployment benefits and other funds, according to an indictment unsealed Monday.
Weidong “Bill” Guan, 61, of Secaucus, New Jersey, was arrested Sunday and appeared before a federal judge in New York on Monday on charges of conspiracy to commit money laundering and bank fraud. He pleaded not guilty.
Guan is accused of participating with others in a “vast transnational scheme” to launder at least $67 million from the bank accounts of the New York-based media company and related entities. Federal prosecutors said members of the company’s “Make Money Online” team, managed by Guan, used cryptocurrency to “knowingly purchase tens of millions of dollars in crime proceeds,” including funds from fraudulently obtained unemployment benefits placed on prepaid debit cards charged, federal prosecutors said.
Stolen personal information was then used to open accounts as part of the alleged money laundering scheme, prosecutors said. The money was further laundered through Epoch’s other bank accounts and Guan’s personal bank and cryptocurrency accounts.
Assistant Federal Defender Ariel Werner, listed in the court filings as Guan’s attorney, declined to comment on the allegations at this time.
The Epoch Times was not named in the indictment released Monday, but was instead referred to as a “multinational media company.” In a statement, the news organization linked to said Chinese spiritual movement Falun Gongsaid it would cooperate with the federal investigation.
“The Epoch Times has a guiding principle that elevates integrity in its actions above all else. The company intends and will fully cooperate with any investigation into the allegations against Mr. Guan,” a written statement said. “In the meantime, although Mr. Guan is innocent until proven guilty, the company has suspended the company’s operations. until this matter is resolved.”
Prosecutors said the charges are not related to the media company’s newsgathering activities.
Federal prosecutors said the media company’s revenues rose about 410% when the alleged money laundering began, from about $15 million to $62 million. Guan, they said, lied to the banks when they asked about the increase in transactions, saying there had been an increase in legitimate donations.
The Epoch Times has become politically conservative over the years, embracing both former President Donald Trump and the former president various conspiracy theories.