Epoch Times CFO arrested and accused of involvement in $67 million money laundering scheme

NEW YORK – The chief financial officer of The Epoch Times, a conservative multinational media company, is accused of participating in a multiyear plot to launder tens of millions of dollars in fraudulently obtained unemployment benefits and other funds, according to an indictment unsealed Monday.

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

Guan is accused of participating with others in a “sprawling transnational conspiracy” that laundered at least $67 million into the bank accounts of the New York-based media company and affiliated companies. According to federal prosecutors, members of the company’s “Make Money Online” team, led by Guan, used cryptocurrencies to “knowingly purchase tens of millions of dollars of criminal proceeds,” including funds from fraudulently obtained unemployment benefits loaded onto prepaid debit cards.

Stolen personal information was then used to open accounts as part of the alleged money laundering scheme, prosecutors said. The money was further laundered through other bank accounts belonging to Epoch and Guan’s private bank, as well as cryptocurrency accounts.

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

The indictment released on Monday did not mention the Epoch Times by name, but referred to it as a “multinational media company.” In a statement, the news company, which is linked to the Chinese spiritual movement Falun Gong, said it would cooperate with the federal investigation.

“The Epoch Times has a guiding principle that puts integrity above all else in its business dealings. The company intends and will cooperate fully with any investigation related to the allegations against Mr. Guan,” it said in a written statement. “Although Mr. Guan is innocent until proven guilty beyond a reasonable doubt, the company has suspended him in the meantime until this matter is resolved.”

Prosecutors said the charges had no connection with the media company’s news-gathering activities.

Federal prosecutors said the media company’s revenues increased about 410 percent at the start of the alleged money laundering, from about $15 million to $62 million. Guan, prosecutors said, lied to banks when asked about the increase in transactions, claiming there was a rise in legitimate donations.

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