The chief financial officer of The Epoch Times, a global news outlet, has been arrested and charged with money laundering and bank fraud. Weidong ‘Bill’ Guan, 61, of New Jersey, appeared before a judge in New York on Monday after being arrested on Sunday. Guan pleaded not guilty to the charges against him.
According to prosecutors, Guan managed the Epoch Times’ Make Money Online team, which used cryptocurrency to knowingly purchase tens of millions of dollars in crime proceeds. This included funds from fraudulently obtained unemployment benefits that were loaded onto prepaid debit cards. Prosecutors stated that stolen personal information was used to open accounts as part of the alleged laundering scheme. The money was then allegedly laundered again through other bank accounts held by Epoch and Guan’s personal bank and cryptocurrency accounts.
Guan’s attorney, Assistant Federal Defender Ariel Werner, declined to comment on the charges. The Epoch Times was not named in the indictment released on Monday, but was referred to as a “multinational media company.” However, the news organization released a statement saying they would cooperate with the federal probe.
According to the statement, The Epoch Times has a guiding principle of integrity in all dealings and will fully cooperate with any investigation related to the allegations against Guan. The company also stated that while Guan is presumed innocent until proven guilty, he has been suspended until the matter is resolved.
Prosecutors clarified that the charges against Guan are not related to The Epoch Times’ newsgathering activities. They also noted that the media company’s revenues increased by approximately 410% during the alleged money laundering period, from $15 million to $62 million. Guan allegedly lied to banks about the increase in transactions, claiming it was due to legitimate donations.
The Epoch Times has stated that it takes these allegations seriously and will continue to uphold its principles of integrity and ethical conduct. The media company’s cooperation with the federal probe demonstrates its commitment to upholding the law and maintaining the trust of its readers.