Allegations Against Bill Guan of The Epoch Times

Bill Guan, the chief financial officer of The Epoch Times, an international media company, is facing accusations of involvement in a multi-million-dollar cryptocurrency laundering scheme. U.S. federal prosecutors recently revealed an indictment on June 3, implicating Guan in a transnational operation to launder $67 million in illicit funds through cryptocurrency.

Federal prosecutors, in a press release, disclosed that Guan, who was apprehended on Monday, allegedly collaborated with others in a plot to launder $67 million of unlawfully obtained funds into bank accounts registered under the media company and its affiliated entities. The operation, managed by a team known as the “Make Money Online” (MMO) group under Guan's supervision, purportedly utilized cryptocurrency to launder proceeds obtained from fraudulent activities, such as acquiring funds from discounted fraudulent unemployment insurance claims.

According to the U.S. Attorney's Office in the Southern District of New York, the participants in the scheme, including members of the MMO Team, purportedly procured the crime proceeds through a specific cryptocurrency platform at discounted rates, approximately 70 to 80 cents per dollar, exchanging them for cryptocurrency.

Damian Williams, the U.S. Attorney, remarked that in response to inquiries from financial institutions regarding the suspicious funds, Guan allegedly provided false information, claiming the funds originated from legitimate donations to the media company.

The U.S. Department of Justice highlighted that during the period the money laundering operation unfolded, the internal financial records of the Media Company indicated a significant spike in annual revenue by approximately 410% compared to the prior year, escalating from about $15 million to roughly $62 million.

Guan now faces charges of conspiring to commit money laundering, which carries a potential prison term of 20 years, and two counts of bank fraud, each with a maximum punishment of 30 years behind bars. The Department of Justice emphasized that the allegations are directed at Guan's personal actions and are unrelated to the regular operations of The Epoch Times itself.

Established in 2000, The Epoch Times was founded as a media outlet to counter the narrative of the Chinese Communist Party. Operating in numerous countries and offering content in more than 20 languages, the media company has a broad international presence. The charges against Guan raise significant concerns about the alleged illicit financial activities at The Epoch Times.