Federal authorities have arrested the CFO of Epoch Times for his suspected role in a large-scale money-laundering scheme.
Prosecutors claim Bill Guan participated in a global operation that laundered at least $67 million of illegal cash for himself and the Epoch Times – a right-wing newspaper.
Guan is accused of leading the outlet’s “Make Money Online” team, which allegedly used cryptocurrency to process tens of millions in crime proceeds.
The Epoch Times said it “intends to and will fully cooperate with any investigation dealing with the allegations against Mr Guan”.
The outlet added: “Although Mr Guan is innocent until proven guilty beyond a reasonable doubt, the company has suspended him until this matter is resolved.”
Guan has not yet entered a plea.
If convicted, he faces over 30 years in prison.
A 12-page indictment details the alleged scheme, which prosecutors believe began around 2020.
The plan involved the “Make Money Online” team purchasing crime proceeds at a discount with cryptocurrency and transferring them to bank accounts affiliated with the newspaper.
If convicted, Bill Guan faces over 30 years in prison
The illegal funds were then allegedly cycled back into the Epoch Times through a complex web of transactions, including prepaid debit cards and accounts opened with stolen identities.
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According to the indictment, the scheme allegedly enriched the Epoch Times for years, funneling tens of millions of dollars into the outlet.
The indictment coincides with a 410 percent increase in the Epoch Times’ annual revenue, from $15 million in 2019 to roughly $62 million in 2020, when Guan allegedly initiated the scheme.
Prosecutors allege Guan lied to banks, questioning the sudden surge in funds and claiming donations as the source.
Guan faces charges of conspiring to commit money laundering and two counts of bank fraud.
Prosecutors said these charges “do not relate to the Media Company [the Epoch Times’] newsgathering activities.”
