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The Department of Justice has arrested the CFO of Epoch Times in connection with a $67,000,000 cryptocurrency money laundering scheme.
The U.S. Attorney's Office for the Southern District of New York (USAO-SDNY) charges The Epoch Times CFO Bill Guan with one count of conspiracy to commit money laundering and two counts of bank fraud.
According to USAO-SDNY, Guan entered into a transnational conspiracy with others, including the overseas-based Make Money Online (MMO) media team, to launder at least $67 million "since at least 2020 or about until the end of 2020 or so." around May 2024."
âUnder GUAN, MMO team members and others used cryptocurrency to knowingly purchase tens of millions of dollars in criminal proceeds, including proceeds from fraudulently obtained unemployment insurance benefits, which were loaded onto tens of thousands of prepaid debit cards.
The proceeds of crime were typically purchased by participants in the scheme, including MMO team members and others working with them, using a specific cryptocurrency platform at discounted rates of approximately 70 to 80 cents on the dollar and in exchange for cryptocurrency.â
The U.S. Attorney's Office for the Southern District of New York also says that after purchasing the proceeds of crime, the MMO team and others opened bank accounts, cryptocurrency accounts and prepaid debit cards, as well as other accounts, using the stolen information. These accounts were subsequently used to transfer proceeds of crime to bank accounts associated with The Epoch Times.
âOnce the proceeds of crime were deposited into these bank accounts, they were often further laundered through other bank accounts owned by The Epoch Times and its associated entities, GUANâs personal bank accounts, and through GUANâs personal cryptocurrency accounts.â
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