The United States Attorney’s Office, Southern District of New York (USAO-SDNY), has charged The Epoch Times Chief Financial Officer Bill Guan with one count of conspiracy to commit money laundering and two counts of bank fraud.
According to the USAO-SDNY, Guan entered into a transnational conspiracy with others, including the foreign-based media “Make Money Online” (MMO) team, to launder at least $67 million “from at least in or around 2020, until in or about May 2024.”
“Under GUAN’s direction, members of the MMO team and others used cryptocurrency to knowingly purchase tens of millions of dollars in crime proceeds, including the proceeds of fraudulently obtained unemployment benefits, which were loaded onto tens of thousands of prepaid debit cards.
The proceeds from the crime were generally purchased by the program participants, including members of the MMO team and others working with them, using a particular cryptocurrency platform, at discounted rates of approximately 70 to 80 cents per dollar, and in exchange for cryptocurrency.
The U.S. Attorney’s Office, Southern District of New York, further says that in purchasing the proceeds of the crime, the MMO team and others opened bank, cryptocurrency and prepaid debit card accounts, as well as other accounts using stolen information . These accounts were then used to transfer the proceeds of crime to bank accounts linked to The Epoch Times.
“After the proceeds of crime reached these bank accounts, they were often further laundered through other bank accounts of The Epoch Times and associated entities, GUAN’s personal bank accounts, and through GUAN’s personal cryptocurrency accounts.”
Following the media outlet’s 410% increase in revenue from about $15 million to about $62 million year-over-year at or around the time the money laundering scheme started, Guan told the banks that the increase was the result of an increase of the number of donations.
“However, in 2022, GUAN wrote a letter addressed to a congressional office that falsely stated that “donations” constitute “an insignificant portion of the media company’s total revenues.”
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