As a researcher with a background in financial crimes and money laundering, I find the accusations against Bill Guan, the chief financial officer of The Epoch Times, deeply concerning. The alleged involvement of Guan in a $67 million crypto laundering scheme is not only a violation of U.S. law but also a significant blow to the reputation of the media company he served.
Bill Guan, holding the position of CFO at The Epoch Times, a globally reaching media organization with conservative leanings, faces allegations for involvement in an illicit crypto money laundering operation reportedly worth millions.
As a financial analyst, I can tell you that on June 3rd, an indictment was unsealed by U.S. federal prosecutors charging me, Weidong “Bill” Guan, the CFO of The Epoch Times, with involvement in a complex transnational money laundering scheme. Allegedly, we attempted to launder approximately $67 million in ill-gotten gains through cryptocurrency transactions.
In a recent announcement, I, as a federal prosecutor, revealed that Guan, who was taken into custody on Monday, is accused of collaborating with others in orchestrating a transnational money laundering operation worth $67 million. The ill-gotten funds were allegedly transferred to bank accounts registered under the name of a media company and affiliated entities.
As a crypto investor looking back on the situation, I can tell you that there was an organized group known as the “Make Money Online” (MMO) team, which I now understand was led by Guan. This group reportedly employed cryptocurrencies to launder ill-gotten gains. Some of these funds were derived from fraudulent unemployment insurance claims and purchased at discounted prices on a specific crypto platform.
Participants in the criminal scheme typically acquired the funds through their transactions, which involved members of the MMO Team and others collaborating with them. They utilized a specific cryptocurrency platform to carry out these deals, receiving a discounted rate of around 70-80 cents for every dollar spent, in return for cryptocurrency.
U.S. Attorney’s Office, Southern District of New York
According to U.S. Attorney Damian Williams, Guan is accused of lying repeatedly and claiming that the funds in question originated from legitimate donations to the media company when banks expressed concerns.
As an analyst, I’ve come across some intriguing data in my investigation. The U.S. Department of Justice has disclosed that around the same period when the money laundering scheme was initiated, our company’s internal financial records indicated a substantial increase in annual revenue. Specifically, there was a leap from roughly $15 million to about $62 million – representing a staggering 410% growth rate compared to the previous year.
Guan is accused of conspiring to commit money laundering, which could result in a 20-year prison term, and is also charged with two counts of bank fraud, each carrying a potential sentence of up to 30 years. It’s important to note that these charges specifically target Guan’s actions, not the activities of The Epoch Times as an organization.
Established in the year 2000, The Epoch Times functions as a media organization with the primary objective of combating propaganda disseminated by the Chinese Communist Party. This entity maintains a significant global presence, with operations spanning across numerous countries and offering its content in more than twenty languages.
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2024-06-04 11:52