The US Department of Justice recently indicted Bill Guan, the Chief Financial Officer of Epoch Times, accusing him of playing a key role in a massive international money laundering operation. Guan allegedly collaborated with others to launder approximately $67 million of illegal funds into the accounts of his media company and its affiliated entities. This scheme took place over a span of four years, from 2020 to May 2024.
As the head of the company’s “Make Money Online” (MMO) team, Bill Guan operated from a foreign office to oversee the laundering of illicit funds. The team utilized cryptocurrency to purchase tens of millions of dollars in illegal proceeds, primarily sourced from fraudulently obtained unemployment benefits loaded onto prepaid debit cards. These ill-gotten gains were acquired at discounted rates and then exchanged for digital assets.
When questioned about the increased transactions by financial institutions, Guan allegedly resorted to deception by claiming that the funds were from donations. In reality, the Media Company’s revenue saw a drastic surge of around 410%, from $15 million to $62 million, during the period of the money laundering scheme. Furthermore, Guan provided false information to a congressional office, stating that donations made up an inconsequential portion of the company’s revenue.
The 61-year-old CFO from Secaucus, New Jersey now faces serious charges including conspiracy to commit money laundering, which carries a maximum prison sentence of 20 years, and two counts of bank fraud, each with a potential 30-year sentence. US Attorney Damian Williams commented on the case, emphasizing the office’s dedication to enforcing laws against those involved in fraud through money laundering and safeguarding the integrity of the US.
The indictment of Bill Guan sheds light on the dark side of financial operations within Epoch Times and raises concerns about the prevalence of illicit activities in the media industry. It serves as a stark reminder of the importance of transparency, honesty, and compliance with legal regulations in the business world. The repercussions of Guan’s alleged actions could have far-reaching consequences not only for him but also for the reputation and future of the Media Company.