- The Epoch Times CFO has been accused of laundering $67 million using cryptocurrency
- Bill Guan has been indicted by the DoJ for leading a money laundering scheme from 2020 to 2024
- Guan has conspired with others to benefit himself, the media company, and affiliates by laundering fraudulent funds
The Chief Financial Officer of the popular political conservative media outlet Epoch Times has been accused of being involved in a scheme to launder $67 million using crypto. Bill Guan was indicted Monday by the US Department of Justice (DoJ) which accused him of spearheading a scheme through his management of Epoch’s “Make Money Online” (MMO) team from 2020 to 2024. US Attorney Damian Williams said that Guan conspired with others to benefit himself, the media company, and its affiliates by laundering tens of millions of dollars in fraudulently obtained unemployment insurance benefits and other crime proceeds.
“Sprawling, Transnational Scheme”
The DoJ alleges that from 2020 to around May 2024, Guan engaged in a “sprawling, transnational scheme” where he and some associates orchestrated an operation to launder approximately $67 million of illicit funds into the bank accounts of the media company and its affiliates. Central to this scheme was the MMO team, managed by Guan from one of the company’s foreign offices, which used cryptocurrency to purchase crime proceeds worth tens of millions of dollars.
These proceeds included fraudulently obtained unemployment insurance benefits, which had been loaded onto tens of thousands of prepaid debit cards. The scheme’s participants, including MMO team members, used an unspecified cryptocurrency platform to buy these crime proceeds at discounted rates of 70 to 80 cents per dollar.
Following the acquisition of the crime proceeds, the MMO team and other conspirators used stolen personal identification information to open various accounts, including prepaid debit card accounts, cryptocurrency accounts, and bank accounts. These accounts were then utilized to transfer the laundered funds into bank accounts associated with the media company and its related entities.
Subsequently, the funds were further laundered through additional bank accounts held by the media company, Guan’s personal bank accounts, and his personal cryptocurrency accounts.
Guan Lied About Origins
Coinciding with the start of this money laundering operation, the media company’s financial records showed a dramatic increase in annual revenue, soaring by approximately 410% from $15 million to $62 million. When banks inquired about the surge in transactions, Guan “lied repeatedly and falsely claimed that the funds came from legitimate donations to the media company,” adding that the donations were a minor part of the media company’s overall revenue, contrary to his earlier claims to the banks.
Guan, a New Jersey resident, has been charged with one count of conspiring to commit money laundering, which carries a maximum sentence of 20 years in prison, and two counts of bank fraud, each of which carries a maximum sentence of 30 years in prison.
