Epoch Times CFO Arrested and Charged for Role in $67 Million Multinational Money Laundering Scheme

NEW YORK — The chief financial officer of Epoch Times, a conservative multinational media company, is accused of participating in a multi-year scheme to launder tens of millions of dollars in unemployment benefits and other fraudulently obtained funds, according to a court filing of accusation. unsealed Monday.

Arrested Sunday, Weidong “Bill” Guan, 61, of Secaucus, New Jersey, appeared Monday before a federal judge in New York on charges of conspiracy to commit money laundering and bank fraud. He pleaded not guilty.

Guan is accused of participating in a “sprawling transnational scheme” with others to launder at least $67 million through the New York-based media company's bank accounts and related entities. Federal prosecutors said members of the company's “Make Money Online” team, which was managed by Guan, used cryptocurrency to “knowingly purchase tens of millions of dollars in proceeds of crime,” including including funds from fraudulently obtained unemployment benefits loaded onto prepaid debit cards, according to federal prosecutors.

The stolen personal information was then used to open accounts as part of the alleged money laundering scheme, prosecutors said. The money was then laundered through other bank accounts held by Epoch and Guan's personal bank and cryptocurrency accounts.

Assistant Federal Defender Ariel Werner, listed in court records as Guan's attorney, declined to comment at this time on the charges.

Epoch Times was not named in the indictment released Monday, but instead was described as a “multinational media company.” In a statement, the news agency, linked to the Chinese spiritual movement Falun Gong, said it would cooperate with the federal investigation.

“The Epoch Times has a guiding principle that elevates integrity in its relationships above all else. The Company intends to and will cooperate fully with any investigation into the allegations against Mr. Guan,” according to a written statement. “In the meantime, although Mr. Guan is innocent until proven guilty , the company has suspended him until this matter is resolved.

Prosecutors said the charges are not related to the media company's news-gathering activities.

Federal prosecutors said the media company's revenue jumped about 410% when the alleged money laundering began, from about $15 million to $62 million. Guan, they said, lied to banks when they asked about the increase in transactions and said there was an increase in legitimate donations.

Epoch Times has become politically conservative over the years and has embraced both former President Donald Trump and various conspiracy theories.