Epoch Times CFO Charged For $67 Million Crypto Money Laundering Scheme
The Epoch Times chief financial officer Weidong Guan has been arrested and charged for crypto money laundering.
According to the latest press release published by the U.S. Attorney’s Office of Southern District of New York, Weidong Guan, also known as Bill Guan, is the CFO of the multinational media company headquartered in New York City.
Guan’s Crypto Money Laundering Case
The Department of Justice (DOJ) stated that Guan participated “in a transnational scheme to launder at least approximately $67 million of illegally obtained funds to benefit himself and the media company.”
The indictment indicated that Guan and others laundered the illegally obtained funds to bank accounts under the company’s name and managed the company’s “Make Money Online” team.
The “MMO Team” and additional individuals deliberately utilized cryptocurrency to gain tens of millions of dollars in illicit funds, encompassing the proceeds from fraudulently obtained unemployment insurance benefits. The funds were then loaded onto numerous prepaid debit cards.
The funds were typically acquired through a specific cryptocurrency platform at discounted rates ranging from 70 to 80 cents per dollar, in exchange for crypto.
Company Annual Revenue Increases by 410%
Once the funds were deposited into these accounts, they were frequently subjected to additional laundering processes through other bank accounts owned by the Media Entities, Guan’s personal bank accounts, and Guan’s personal crypto accounts.
“When banks raised questions about the funds, Guan allegedly lied repeatedly and falsely claimed that the funds came from legitimate donations to the media company,” said U.S. Attorney Damian Williams.
The annual revenue of the media company skyrocketed about 410% over the previous year after Guan initiated the scheme, soaring from approximately $15 million to approximately $62 million.
“Today’s charges reflect this Office’s ongoing commitment to vigorously enforcing the laws against those who facilitate fraud through money laundering and to protecting the integrity of the U.S. financial system,” stated Williams.
