Wandering Monk
Well-Known Member
Weidong Guan, the Chief Financial Officer of the Epoch Times, has been indicted by the Department of Justice on charges related to a sprawling international money laundering scheme. According to the indictment unsealed on Monday, Guan, also known as "Bill Guan," and his associates allegedly laundered approximately $67 million in illegally obtained funds, which the indictment says was stolen from Americans' unemployment benefits and via other schemes, between 2020 and 2024.
The indictment accuses Guan of using the Epoch Times' financial infrastructure to launder funds through a complex series of transactions. The scheme reportedly involved the use of cryptocurrency to purchase tens of millions of dollars in crime proceeds at a discount. These transactions were conducted by the media company's "Make Money Online" (MMO) team, which Guan managed from a foreign office.
Funds were moved into the media company's accounts through tens of thousands of layered transactions, often involving prepaid debit cards and financial accounts opened with stolen personal identification information. A portion of these proceeds was then transferred into Guan's personal bank and cryptocurrency accounts.
The scheme allegedly caused the Epoch Times' annual revenue to skyrocket by approximately 410% in 2020, from $15 million to $62 million. To conceal the origins of these funds, Guan and his co-conspirators reportedly made numerous false statements to financial institutions, claiming the money came from donations or subscriptions.
