(RepublicanView.org) – Bill Guan, who serves as the chief financial officer for the global news outlet The Epoch Times, is facing charges related to an alleged scheme worth $67 million.
Guan, whose real first name is Weidong, is facing two counts related to bank fraud and one related to money laundering charges. He was arrested on June 2 and entered a not guilty plea the following day before a federal Manhattan judge. He was released from jail on a $3 million bond and is forbidden from traveling outside of New York and New Jersey.
The financial scheme allegedly involved thousands of prepaid debit cards, cryptocurrency transactions, stolen personal financial information, and forged unemployment insurance claims. Prosecutors claim the funds substantially increased revenue reported by The Epoch Times.
They are also accusing him of lying to banks about the sources of funds after questions were raised. He allegedly told them falsely that they all stemmed from donations. The media company has since placed Guan on a temporary suspension. It also promised to cooperate fully with investigators and the alleged dealings. However, it also noted that legally, Guan is still innocent until a court finds him guilty.
The indictment claims Guan, who resides in Secaucus, NJ, used the media outlet’s “Make Money Online Team” as a cover for his scheme to purchase “crime proceeds” and transfer them to accounts owned by The Epoch Times. They alleged that it used crypto exchanges to buy crime proceeds at significant discounts before sending the funds to prepaid debit cards.
His alleged co-conspirators are accused of then using stolen identities to open new bank accounts to transfer the funds so that they could be sent back to The Epoch Times in the form of donations.
The Epoch Times functions as a nonprofit organization and relies heavily on donations for revenue. Records show the outlet went from earning $15 million in 2019 to $65 million the following year.
If convicted, Guan could face up to 30 years in prison.
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