The CFO of a prominent multinational media company, Weidong Guan, a/k/a Bill Guan, has been charged with participating in an elaborate scheme to launder approximately $67 million in illicit funds. Guan, who served as CFO for The Epoch Times headquartered in New York City, was arrested recently and will appear before U.S. Magistrate Judge. The case has been assigned to U.S. District Judge Victor Marrero.
Crypto Laundering Scheme
In 2000, the Epoch Times launched as a free, low-budget newspaper in New York. It was started by Chinese Americans affiliated with a religious group called Falun Gong. The media group has grown into purportedly one of the US’s most powerful conservative news organisations and a home to conspiracy theories, right-wing misinformation and sharp opposition to the Chinese Communist Party.
The indictment alleges that from 2020 to May 2024, Guan, leveraging his position at the media company, orchestrated a transnational scheme involving the laundering of fraudulently obtained funds. Guan managed a team within the company, referred to as the “Make Money Online” (MMO) team, which played a central role in the operation.
The team used cryptocurrency to purchase crime proceeds, including fraudulently obtained unemployment insurance benefits, which were loaded onto prepaid debit cards. These funds were then laundered through various bank and cryptocurrency accounts associated with the media company and Guan himself.
Allegations and Impact
U.S. Attorney Damian Williams stated, “As alleged, Bill Guan conspired to benefit himself and the media company by laundering tens of millions of dollars in fraudulently obtained unemployment insurance benefits and other crime proceeds. When banks raised questions about the funds, Guan allegedly lied, claiming the money came from legitimate donations.”
The scheme significantly inflated the company’s financial statements, showing a revenue increase of approximately 410% within a year—from $15 million to $62 million. Guan misled banks by attributing this surge to donations, which he later contradicted in a letter to a congressional office.
Legal Consequences
Guan, 61, faces serious charges: one count of conspiring to commit money laundering, with a maximum sentence of 20 years in prison, and two counts of bank fraud, each carrying a maximum sentence of 30 years. These charges do not pertain to the media company’s newsgathering activities.
According to a spokesman for the Manhattan federal court, Guan was in custody Monday evening and facing a $3 million bail package, including a $250,000 cash deposit, the New York Times reports.
Investigation and Next Steps
The investigation involved significant contributions from DOL-OIG, DSS, and the U.S. Attorney’s Office for the Southern District of New York, with additional support from U.S. Customs and Border Protection. This case is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation, which focuses on dismantling high-level criminal organizations through a collaborative, multi-agency approach.
