SNEAK PEEK
- Epoch Times CFO Bill Guan faces charges for a $67M money laundering scheme involving cryptocurrency.
- Investigators reveal a 410% revenue surge linked to the fraudulent activities led by Bill Guan.
- Bill Guan and his team allegedly bought illicit funds with crypto, funneling them into Epoch Times’ accounts.
Bill Guan, the chief financial officer of Epoch Times, has been charged by the U.S. Department of Justice (DoJ) with involvement in a $67 million money laundering scheme. Guan is accused of using cryptocurrency to purchase illicit funds and funnel them into the company’s accounts, significantly boosting its reported annual revenue. The charges stem from activities between 2020 and May 2024.
Alleged Scheme Operations
The DoJ’s indictment details that Guan managed a team under Epoch Times’ “Make Money Online” initiative. This team and others allegedly utilized cryptocurrency to buy proceeds of fraudulent activities, such as unemployment insurance benefits, at 70 to 80 cents on the dollar.
Moreover, these funds were transferred through a cryptocurrency platform into an unspecified cryptocurrency. The participants reportedly used stolen personal identification information to open accounts, funneling the laundered profits into their and the company’s accounts.
The investigation into Guan’s activities was partly triggered by a dramatic 410% increase in Epoch Times’ annual revenue, which surged to $62 million from $15 million. This unusual growth rate prompted suspicion and subsequent scrutiny. Guan had previously attributed the increase in funds to “donations,” a claim now facing serious doubt given the current charges.
Legal Proceedings and Potential Consequences
If convicted, Guan faces severe legal consequences. The charge of conspiring to commit money laundering carries a maximum sentence of 20 years in prison. Additionally, each bank fraud charge could result in up to 30 years of imprisonment. The legal proceedings will likely unfold over the coming months as the case against Guan and his associates is further developed.
Epoch Times, a media outlet known for its conservative political stance and criticism of the Chinese government, has not yet issued a detailed public response to the charges against its CFO. The company has clarified that these charges do not relate to its news and information-gathering activities.
Furthermore, the case may prompt internal reviews and possible restructuring within the company’s financial management practices. The outcome of the legal proceedings will likely affect both the individuals involved and the company’s future operations.