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Key Insights U.S. DOJ indicts Epoch Times CFO Bill Guan for allegedly participating in a $67 million money laundering scheme. Guan is accused of using cryptocurrency to purchase crime proceeds at a discount and transferring funds to Epoch Times' bank accounts using stolen personal information. Guan faces charges of conspiracy to commit money laundering and bank fraud, with a maximum sentence of 20 and 30 years in prison, respectively. NEW YORK (MarketsXplora) - The U.S. Department of Justice has indicted Bill Guan, the chief financial officer of New York-based media publication Epoch Times, for allegedly participating in a $67 million money laundering scheme involving cryptocurrency and stolen personal information. Guan, 61, was arrested on Sunday and charged with one count of conspiring to commit money laundering and two counts of bank fraud. If convicted, he faces a maximum sentence of 20 years in prison for the money laundering charge and 30 years for each count of bank fraud. According to the indictment, Guan managed Epoch Times' "Make Money Online" team (MMO), which allegedly used cryptocurrency to purchase tens of millions of dollars in crime proceeds, including illegally obtained unemployment insurance benefits loaded onto prepaid debit cards, at a 70% to 80% discount. The funds were then transferred to bank accounts associated with Epoch Times by MMO members and other participants who opened various accounts using stolen personal information. The alleged scheme operated from around 2020 until last month. U.S. Attorney Damian Williams stated that 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." The DOJ noted that around the time the scheme began, Epoch Times' annual revenue surged by approximately 410%. When questioned by banks about the source of funds, Guan allegedly lied, claiming they were from legitimate donations to the media company. Founded in 2000, Epoch Times currently offers news media services in 22 languages across 36 regions. The attorney's office emphasized that the charges against Guan are unrelated to the publication's newsgathering activities. The indictment of a high-ranking executive at a prominent media outlet highlights the growing concern over the use of cryptocurrency in money laundering schemes and the need for increased scrutiny of digital asset transactions. As the case against Guan unfolds, it is expected to shed light on the alleged use of stolen personal information and cryptocurrency to launder proceeds from various criminal activities.

Epoch Times CFO Indicted for Alleged $67M Crypto Money Laundering

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