The arrest of Weidong “Bill” Guan, the chief financial officer of The Epoch Times, on charges of leading a sophisticated money laundering scheme has surprised many.
Federal prosecutors say Guan ran an operation for several years using cryptocurrency, and prepaid debit cards, and fraudulently obtained unemployment benefits to inflate the outlet’s reported revenue.
Guan, 61, has pleaded not guilty to charges of conspiracy to commit money laundering and bank fraud in a Manhattan court. He was released on a $3 million bond but cannot travel freely.
The Epoch Times’ CFO, Weidong “Bill” Guan, faces charges in a sophisticated money laundering scheme.
The scheme, allegedly carried out by Guan’s team, involved buying “crime proceeds” with cryptocurrency at discounted rates and loading them onto tens of thousands of prepaid debit cards.
These funds were then moved to bank accounts linked to The Epoch Times, with prosecutors claiming Guan and others used stolen personal information to open accounts and hide the source of the money.
The Epoch Times has said it will fully cooperate with the investigation and has suspended Guan while the matter is resolved.
It’s important to note that the charges against Guan do not involve The Epoch Times’ journalism, according to the Department of Justice.
However, the alleged scheme has raised concerns about the outlet’s financial practices. With each bank fraud charge carrying a maximum sentence of 30 years and the conspiracy charge carrying 20 years, the legal consequences for Guan and possibly the media company are serious.
This situation highlights the need for transparency and accountability in the media industry, especially regarding finances.
