Epoch Times CFO Weidong Guan Arrested and Charged in $67 Million Crypto Money Laundering Scheme
Weidong Guan, the chief financial officer of Epoch Times, has been apprehended and accused of involvement in a crypto money laundering operation.
According to a recent press release from the U.S. Attorney’s Office for the Southern District of New York, Guan, also known as Bill Guan, holds the position of CFO at the New York City-based multinational media company.
Case Details: Guan’s Involvement in Crypto Money Laundering
The Department of Justice (DOJ) stated that Guan played a role in a transnational scheme aimed at laundering approximately $67 million of unlawfully acquired funds for his own benefit and the media company.
The indictment revealed that Guan and others funneled the unlawfully obtained funds into bank accounts under the company’s name and managed the company’s “Make Money Online” team.
The “MMO Team” and other individuals intentionally used cryptocurrency to amass tens of millions of dollars in illicit funds, including proceeds from fraudulently obtained unemployment insurance benefits. These funds were then loaded onto numerous prepaid debit cards.
The funds were typically acquired through a specific cryptocurrency platform at discounted rates ranging from 70 to 80 cents per dollar, in exchange for crypto.
Company’s Annual Revenue Surges by 410%
Once the funds were deposited into these accounts, they underwent further laundering processes through other bank accounts owned by the Media Entities, Guan’s personal bank accounts, and Guan’s personal crypto accounts.
“When banks raised concerns about the funds, Guan allegedly repeatedly lied and falsely claimed that the funds came from legitimate donations to the media company,” stated U.S. Attorney Damian Williams.
Following the initiation of the scheme by Guan, the media company’s annual revenue skyrocketed by about 410% compared to the previous year, surging from approximately $15 million to approximately $62 million.
“Today’s charges demonstrate our dedication to vigorously enforce anti-money laundering laws and safeguard the integrity of the U.S. financial system,” commented Williams.
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