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A high-ranking executive of Epoch Times, a conservative multinational media organization, has been arrested and charged in a complex transnational scheme to launder over $67 million in illicit funds for personal and corporate gain, the U.S. Attorney’s Office announced Monday.
Federal authorities unsealed an indictment on Monday charging Weidong “Bill” Guan, the CFO of The Epoch Times, with one count of conspiring to commit money laundering and two counts of bank fraud. Guan, 61, was arrested on Sunday morning and entered a not guilty plea in federal court on Monday.
The 12-page indictment outlines allegations that Guan participated in a yearslong scheme involving cryptocurrency, fraudulent unemployment insurance claims, prepaid debit cards, and stolen personal identification to open financial accounts. Prosecutors claim that The Epoch Times’ annual revenue surged by tens of millions of dollars around the time the scheme began.
“(Guan) conspired with others to benefit himself, the media company, and its affiliates by laundering tens of millions of dollars in fraudulently obtained unemployment insurance benefits and other crime proceeds,” U.S. Attorney Damian Williams stated. “When banks raised questions about the funds, Guan allegedly lied repeatedly, falsely claiming the funds came from legitimate donations to the media company.”
The indictment does not explicitly name The Epoch Times, but Guan is listed as the company’s CFO in its latest tax return, per ProPublica’s Nonprofit Explorer. If convicted, Guan faces a potential maximum of 20 years in prison for money laundering and 30 years for each bank fraud charge.
“The company intends to and will fully cooperate with any investigation dealing with the allegations against Mr. Guan,” The Epoch Times said in a statement. “Although Mr. Guan is innocent until proven guilty, the company has suspended him until this matter is resolved.”
Guan served as CFO from at least 2020 through May 2024, overseeing various teams, including the “Make Money Online” team, which allegedly used cryptocurrency to purchase tens of millions of dollars in crime proceeds, the indictment stated.
Members of this team and other participants bought these proceeds at discounted rates, involving fraudulently obtained unemployment benefits loaded onto prepaid debit cards. They also used stolen personal information to open accounts, which were then used to funnel the proceeds into bank accounts linked to The Epoch Times.
Prosecutors allege that once transferred, the funds were “often further laundered through other bank accounts” tied to the media company, Guan’s personal accounts, and his cryptocurrency accounts. Guan allegedly lied to banks, claiming the high transaction volume was due to donations.
The indictment suggests the scheme boosted The Epoch Times’ annual revenue dramatically, increasing from about $15 million to around $62 million between 2019 and 2020.
The Epoch Times, headquartered in New York City and linked to the Falun Gong movement, has been known for its criticism of the Chinese Communist Party. Recently, it has supported far-right politicians and former President Donald Trump. According to NBC News, The Epoch Times spent over $1.5 million on pro-Trump advertisements in 2019 and published numerous articles supporting Trump’s claims about the 2020 election, which led to a significant growth in its audience despite being banned from further advertising on Facebook.
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