Cronos (cro) 
Bill Guan, the Chief Financial Officer of The Epoch Times, faces allegations of participating in a multi-million dollar crypto laundering scheme.
On June 3, U.S. federal prosecutors revealed an indictment charging Weidong “Bill” Guan with his involvement in laundering $67 million in illicit funds through cryptocurrency.
Federal prosecutors stated that Guan, who was arrested on Monday, conspired with others to launder $67 million of illegally obtained funds into bank accounts associated with the media company and related entities.
The scheme involved a group known as the “Make Money Online” (MMO) team. Under Guan’s direction, this group allegedly utilized cryptocurrency to launder criminal proceeds, including funds from fraudulent unemployment insurance claims purchased at significantly discounted rates on a specific crypto platform.
“The crime proceeds were generally purchased by the scheme participants, including members of the MMO Team and others working with them, using a particular cryptocurrency platform, at discounted rates of approximately 70 to 80 cents per dollar, and in exchange for cryptocurrency.”
U.S. Attorney Damian Williams stated that when banks questioned the sources of these funds, Guan “allegedly lied repeatedly and falsely claimed that the funds came from legitimate donations to the media company.”
The U.S. Department of Justice noted that around the same time the money laundering scheme began, the media company’s internal financial accounting showed an “increased annual revenue over the previous year of approximately 410% — from approximately $15 million to approximately $62 million.”
Guan faces one count of conspiring to commit money laundering, which carries a potential 20-year prison sentence, and two counts of bank fraud, each punishable by up to 30 years in prison. The Department of Justice emphasized that the charges are directed at Guan’s actions and not the operations of The Epoch Times itself.
Founded in 2000, The Epoch Times is a media company created to counter Chinese Communist Party propaganda. The company operates in dozens of countries and in over 20 languages.
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