As a researcher with a background in financial crimes and investigative journalism, I find the allegations against Bill Guan deeply concerning. The magnitude of the money laundering scheme and its connection to Epoch Times, a media outlet I have long followed for its conservative perspective, is troubling on multiple levels.
Bill Guan, the CFO of Epoch Times, a prominent conservative media company, is facing significant adversity. The US Department of Justice (DoJ) alleges that Guan was part of an intricate scheme to laundered approximately $67 million through cryptocurrency.
The accusations towards Guan primarily revolve around his alleged role as head of Epoch’s “Make Money Online” unit between approximately 2020 and May 2024, which was based overseas. According to the Department of Justice, during Guan’s tenure, team members, under his guidance, reportedly utilized cryptocurrency to process over tens of millions of dollars in illicit funds.
It is claimed that some of these funds were illegally acquired through the manipulation of unemployment insurance benefits. Substantial amounts of this ill-gotten money were then transferred onto prepaid debit cards.
As an analyst, I’ve uncovered information from the Department of Justice indicating that the next stage of their illegal activity involved shifting the ill-gotten gains through a particular cryptocurrency exchange. It was alleged that these funds were then converted into various cryptocurrencies at a marked discount.
After converting the ill-gotten gains, Guan and his associates reportedly moved the money through various means. These methods included using bank accounts connected to Epoch Times, Guan’s personal banking resources, and his digital currency holdings. Moreover, team members allegedly engaged in identity theft to create new accounts, thereby concealing the funds’ original sources.
As a researcher examining this case, I can tell you that Guan is currently under investigation for allegedly conspiring to commit money laundering and bank fraud. The potential consequences of these charges are quite severe. For each money laundering charge, the maximum sentence is 20 years in prison. Similarly, each bank fraud charge carries a possible penalty of up to 30 years behind bars, as outlined in the official indictment.
Initial red flags surfaced when it came to light that Epoch’s earnings had experienced a remarkable leap, increasing by an astounding 410% from $15 million to $62 million within a year. While Guan attempted to explain this sudden surge as the result of “donations,” his account left investigators with even more unanswered questions, ultimately paving the way for the exposure of the suspected illicit actions.
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2024-06-04 13:40