Top Executive at The Epoch Times Arrested for Money Laundering Scheme
In a shocking turn of events, Weidong Guan, also known as Bill Guan, the chief financial officer of The Epoch Times, a conservative media company, has been arrested and charged with laundering at least $67 million in stolen money through company accounts. The scheme, which spanned several years, aimed to boost the company’s financial returns by nearly 400 percent in just one year.
A federal grand jury indicted Mr. Guan on one count of money laundering and two counts of bank fraud. The accusations allege that he used fraudulently obtained unemployment benefits to increase the company’s revenue. Mr. Guan, 61, entered a plea of not guilty and faces a maximum sentence of 20 years for money laundering and 30 years for each bank fraud charge.
The Epoch Times, affiliated with the banned spiritual movement Falun Gong, was once a small print newspaper critical of the Chinese Communist Party but has since transformed into a prominent supporter of Donald J. Trump and his allies. The company stated that it intends to fully cooperate with the investigation and has suspended Mr. Guan while the matter is pending.
Prosecutors revealed that Mr. Guan ran a complex scheme involving prepaid debit cards purchased with cryptocurrency and loaded with illegally obtained funds. The Justice Department emphasized its commitment to enforcing laws against money laundering and protecting the integrity of the U.S. financial system.
Despite the charges, The Epoch Times clarified that they do not relate to the company’s newsgathering activities, and no other employees were named in the indictment. The organization, which includes a newspaper, digital news site, podcasts, and a television broadcaster, has seen significant financial growth in recent years.
As the case unfolds, the media company’s reputation and future remain uncertain. The Epoch Times has become a prominent voice on the right, attracting a large following and support from Republican politicians. However, Mr. Guan’s alleged actions have cast a shadow over the company’s integrity and raised questions about its financial practices.
