- The U.S. Justice Department has accused Bill Guan, the CFO of the New York-based media organization Epoch Times, of laundering $67 million through cryptocurrency transactions.
- This accusation suggests that Guan was at the helm of Epoch Times’ “Make Money Online” (MMO) team, allegedly involved in purchasing tens of millions in illicit funds at steep discounts of 70% to 80%.
- According to the indictment, a portion of these funds included illegally obtained unemployment insurance benefits, transferred to MMO members’ accounts during this scheme, lasting from 2020 up to the previous month.
Discover the unraveling of a $67 million cryptocurrency laundering scheme involving a top media executive, highlighting key details and broader impacts.
Epoch Times CFO Faces Major Legal Troubles
U.S. Attorney Damian Williams stated, “[Guan] conspired with others to launder tens of millions of dollars in fraudulently obtained unemployment insurance benefits and other criminal proceeds through cryptocurrency, benefiting himself, his media company, and affiliates.”
The Department of Justice noted that during the inception of this scheme, the company’s annual revenue surged by approximately 410%. It is also claimed that when questioned about the source of these funds, Guan deceitfully asserted they were legitimate donations to the media organization.
Wider Implications and Legal Proceedings
Guan, aged 61, now faces charges including conspiracy to launder money, which carries a potential penalty of up to 20 years in prison, in addition to two counts of bank fraud, each carrying up to 30 years of imprisonment. The Epoch Times, founded in 2000, is now operational in 36 regions and publishes in 22 languages.
Epoch Times’ legal representatives maintain that these criminal charges are unrelated to the organization’s journalism activities.
Conclusion
This unfolding legal drama serves as a cautionary tale about the potential risks and legal complications associated with cryptocurrency transactions. The case underscores the importance of regulatory scrutiny and ethical financial management in media companies, ensuring that illicit activities do not undermine the credibility and integrity of reputable organizations.
