Epoch Times CFO Arrested In Crypto Laundering Scheme

June 4, 2024 2:04 pm Comments

The Epoch Times’ Chief Financial Officer Wedong “Bill” Guan is being charged with participating in a 67 million-dollar cryptocurrency laundering scheme.

Wedong “Bill” Guan, 61, was arrested and charged with conspiring to commit money laundering and bank fraud.

According to authorities, Guan is being charged with participating in a transnational money laundering scheme, which involved him laundering money and cryptocurrency into the Epoch Times financial accounts.

Federal prosecutors are claiming Guan used “cryptocurrency to knowingly purchase tens of millions of dollars in crime proceeds, including funds from fraudulently obtained unemployment benefits that were loaded onto prepaid debit cards.”

Check out what DeCrypt reported:

The chief financial officer of news outlet Epoch Times has been arrested and charged for his alleged involvement in a $67 million money laundering scheme involving cryptocurrency.

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According to a press release from the U.S. Attorney’s Office in the Southern District of New York, Bill Guan has been charged with conspiring to commit money laundering, and two counts of bank fraud, for allegedly participating in a “transnational scheme” to launder $67 million of illegally obtained funds.

Guan is accused of orchestrating a plot in which the Epoch Times’ “Make Money Online” team used millions of dollars in cryptocurrency to purchase illicit funds, including “the proceeds of fraudulently obtained insurance benefits,” that had been loaded onto prepaid debit cards.

Per the indictment, the MMO Team purchased these crime proceeds at a discount on an unnamed cryptocurrency exchange, moving the proceeds to bank accounts held by Epoch Times-affiliated entities.

Per The Huff Post:

An executive at The Epoch Times, a right-wing media company, has been federally indicted on charges of conspiring to commit money laundering and bank fraud over an alleged yearslong scheme to use cryptocurrency to launder tens of millions of illicit dollars.

Prosecutors in the Southern District of New York announced the charges Monday, accusing Epoch Times chief financial officer Weidong “Bill” Guan of participating in a scheme to launder $67 million “to benefit himself and the media company.”

Epoch Media Group, which publishes a website and a newspaper distributed in multiple languages around the world, is tied to Falun Gong, the religious movement that’s also behind the Shen Yun performance troupe and New Tang Dynasty Television. The group is known for its opposition to the Chinese Communist Party and its amplification of right-wing nationalists and conspiracy theories, including the lie that there was widespread fraud in the 2020 U.S. presidential election.

A former Falun Gong believer who contributed to the creation of The Epoch Times’ Australia version told NBC News in 2019 that devout Falun Gong practitioners believe former President Donald Trump “was sent by heaven to destroy the Communist Party.”

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