Epoch Times executive Bill Guan charged in US with laundering $67 million in alleged 'sprawling scheme'

Financial manager Weidong Guan, 61, also known as Bill Guan, was arrested on one count of money laundering and two counts of bank fraud, and faces a maximum sentence of 20 years on the charge money laundering and 30 years for each bank fraud. charge.

“Guan and his co-conspirators made several false statements in response to numerous complaints and concerns raised by banks, cryptocurrency companies and others regarding (Epoch Times) suspicious financial activities,” it reads. “Guan falsely stated that the increase in funds reflected 'benefit' from the work of the (company's) foreign affairs office that she 'donated'.”

The indictment, issued by the Southern District of New York, goes on to say that after the MMO team began operations, Epoch Times' internal accounts showed a year-over-year increase in revenue. 'other by more than 400 percent, to around 62 million US dollars.

Guan “conspired with others to benefit himself, the media company and its subsidiaries, by laundering tens of millions of dollars in fraudulently obtained unemployment insurance benefits and other proceeds of crime,” it said. said U.S. Attorney Damian Williams.

“When banks raised questions about the funds, Guan allegedly repeatedly lied and falsely claimed the funds came from legitimate donations to the media company,” Williams added.

In a statement sent to multiple media outlets on Monday, The Epoch Times said it had suspended Guan “until this matter is resolved,” and that he “intends and will fully cooperate in any investigation into the allegations.” against Mr. Guan.”

The Falun Gong movement was founded on the mainland in 1992. As its followers grew and it began demanding legal recognition and freedom to organize its activities, Beijing labeled the group a “heretical organization” and 'banned on the continent as an “evil sect”. ” in 1999.