The chief financial officer of the Epoch Times news outlet, Bill Guan, has been arrested over his alleged involvement in a massive money-laundering scheme. Federal prosecutors claim that Guan, 61, played a key role in a global plot to launder at least $67 million of illegal cash to benefit himself and the Epoch Times.
According to the indictment, Guan led the outlet’s “Make Money Online” team, which used cryptocurrency to purchase tens of millions worth of crime proceeds. If convicted, Guan could face more than 30 years in prison.
The Epoch Times released a statement saying they will fully cooperate with any investigation and have suspended Guan until the matter is resolved. The news outlet did not respond to specific questions about the Make Money Online team referenced by prosecutors.
Prosecutors detailed the alleged plan in a 12-page indictment, stating that members of the Make Money Online team would purchase crime proceeds via cryptocurrency at a discount and transfer those proceeds into bank accounts affiliated with the newspaper. The illegal proceeds would then be moved back into Epoch Times accounts through thousands of layered transactions.
The scheme allegedly pumped tens of millions of dollars into the paper, coinciding with a 410% increase in annual revenue from 2019 to 2020. When questioned by banks about the surge in funds, Guan reportedly lied, claiming the money came from donations.
Guan has been charged with one count of conspiring to commit money laundering and two counts of bank fraud. Prosecutors emphasized that these charges do not relate to the Epoch Times’ newsgathering activities.
Founded in 2000 by Chinese-Americans affiliated with the religious group Falun Gong, the Epoch Times has grown into one of the US’s most powerful conservative news organizations. It has been known for promoting conspiracy theories, right-wing misinformation, and strong opposition to the Chinese Communist Party.
