The Epoch Times CFO Arrested for Money Laundering: Details Unveiled
The chief financial officer of The Epoch Times, Bill Guan, is facing charges of money laundering and bank fraud as per the U.S. Attorney’s Office, Southern District of New York (USAO-SDNY).
Allegations Unveiled
Guan allegedly conspired with others to launder over $67 million from 2020 to May 2024 by using a transnational scheme. The media outlet’s foreign-based “Make Money Online” (MMO) team collaborated with Guan to execute the money laundering plan.
- The MMO Team purchased crime proceeds using cryptocurrency
- Proceeds primarily from fraudulently obtained unemployment insurance benefits
- Purchased at discounted rates through a cryptocurrency platform
Crypto Transactions Unveiled
- Crime proceeds used to purchase tens of millions worth of cryptocurrency
- Accounts opened using stolen information for transferring funds
- Procedures involved opening bank, crypto, and prepaid debit card accounts
Money Laundering Activities
Upon purchasing the crime proceeds, the MMO Team and accomplices proceeded to open various bank accounts where the proceeds of crime landed, leading to further money laundering activities through:
- The Epoch Times and its related entities’ bank accounts
- Guan’s personal bank accounts
- Guan’s personal cryptocurrency accounts
The Rise in Revenues and Deceptive Practices
During the money laundering scheme period, The Epoch Times reported an astronomical 410% surge in revenues, claiming it was due to increased donations. Guan even penned a letter to a congressional office misrepresenting the revenue sources.
Closing Thoughts
The allegations against The Epoch Times’ CFO point to a sophisticated money laundering scheme involving cryptocurrency transactions and deceptive financial practices. The case sheds light on the potential risks associated with digital assets and the misuse of financial platforms for illicit activities.
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