Epoch Times embroiled in alleged cryptocurrency money laundering scheme

Date:

June 4, 2024

The chief financial officer of the Epoch Times, a right-wing news outlet, has been arrested and charged with laundering $67 million in criminal proceeds through the use of cryptocurrency, the Department of Justice said Monday.

Weidong Guan, 61, also known as Bill Guan, is charged with one count of conspiring to commit money laundering and two counts of bank fraud between 2020 and 2024. U.S. Attorney Damian Williams said in a statement that Guan “conspired with others to benefit himself, the media company, and its affiliates.”

Federal prosecutors allege that in a “sprawling, transnational scheme,” Guan and others used cryptocurrency to purchase proceeds obtained through insurance fraud and other illegal means before moving it to various accounts associated with the Epoch Times, contributing to a jump in the company’s revenue of around 410 percent. Guan claimed the increased revenue came from donations, the Justice Department…

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Epoch Times embroiled in alleged cryptocurrency money laundering scheme

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