The CFO of the Epoch Times news outlet, Bill Guan, is suspected of being involved in a worldwide scheme to launder at least $67 million in illicit funds.
Guan spearheaded the “Make Money Online” team at the outlet. They used cryptocurrency to acquire millions of dollars’ worth of criminal proceeds. The indictment outlined the purported plan, which commenced around 2020. The strategy was straightforward. They would purchase crime proceeds at a discounted rate using cryptocurrency. Then, they would transfer those funds into bank accounts linked to entities associated with the newspaper. The Epoch Times funnelled the illegal proceeds back into its accounts. This was accomplished through an intricate network of tens of thousands of layered transactions. Some of these transactions involved the use of prepaid debit cards. Others included the opening of financial accounts using stolen identification information.
As per the indictment, the scheme successfully enriched the Epoch Times for several years, injecting tens of millions of dollars into the publication. The outlet’s internal financial records revealed a staggering 410% surge in annual revenue during the alleged scheme’s inception. The revenue grew from $15 million in 2019 to approximately $62 million the following year. However, when questioned by banks about the sudden influx of funds, Mr. Guan deceitfully attributed it to “donations,” according to prosecutors.
Federal prosecutors emphasised that the charges against Guan are unrelated to Epoch Time’s news reports. In recent times, the Epoch Times has provided a platform for far-right politicians. He has also shown support for former President Donald Trump.
Consequently, if Guan is found guilty of money laundering, he could face a maximum prison sentence of 20 years. For each bank fraud charge, he could face an additional maximum prison sentence of 30 years.
