The U.S. Attorney's Office for the Southern District of New York has another MAGA acolyte in its crosshairs: Epoch Times Chief Financial Officer Weidong “Bill” Guan.
The executive of the pro-Trump newspaper stands accused of conspiring to commit money laundering by allegedly transferring at least $67 million in unlawfully obtained funds to bank accounts in the media outlet's name.
According to federal prosecutors, the scheme involved cryptocurrency, prepaid debit cards, fraudulent unemployment benefits and stolen personally identifiable information.
In a statement released Monday afternoon, the Southern District of New York noted: “Bill Guan, 61, of Secaucus, New Jersey, is charged with one count of conspiring to commit money laundering, which carries a maximum sentence of 20 years in prison, and two counts of bank fraud, each of which carries a maximum sentence of 30 years in prison. The charges do not relate to the Media Company's newsgathering activities.” (RELATED: Alex Jones Breaks Down In Tears – Claims Studio Could Shut Down In Hours)
The maximum possible sentences were listed for informational purposes. The judge will determine the defendant's sentence.
The press release then methodically details the allegations in the indictment:
From at least in or about 2020, through in or about May 2024, GUAN, while working as the Chief Financial Officer of a multinational media company headquartered in New York, New York (the “Media Company”), conspired with others to participate in a sprawling, transnational scheme to launder at least approximately $67 million of illegally obtained funds to bank accounts in the names of the Media Company and related entities (together, with the Media Company, the “Media Entities”). In furtherance of the money laundering conspiracy, GUAN managed, among other teams, the Media Company's “Make Money Online” team (the “MMO Team”), which was located in a particular foreign office of the Media Company. Under GUAN's management, members of the MMO Team and others used cryptocurrency to knowingly purchase tens of millions of dollars in crime proceeds, including proceeds of fraudulently obtained unemployment insurance benefits, that had been loaded onto tens of thousands of prepaid debit cards. 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.
Once the crime proceeds were purchased, the MMO Team and other participants in the scheme used stolen personal identification information to open accounts, including prepaid debit card accounts, cryptocurrency accounts, and bank accounts, that were used to transfer the crime proceeds into bank accounts associated with the Media Entities. After the crime proceeds reached those bank accounts, they were often further laundered through other bank accounts held by the Media Entities, GUAN's personal bank accounts, and through GUAN's personal cryptocurrency accounts.
In or around the same time the money laundering scheme began, the Media Company's internal financial accounting reflected an increased annual revenue over the previous year of approximately 410%—from approximately $15 million to approximately $62 million. When banks asked GUAN about the increase in transactions entering the bank accounts of the Media Entities, GUAN lied, including to two U.S.-based banks, and claimed that the increase in funds came from donations. However, in 2022, GUAN wrote a letter addressed to a congressional office falsely stating “donations” constitute “an insignificant portion of the overall revenue” of the Media Company.
Mediaite's Alex Griffing has more:
NBC News reported in late 2023, based on subscriber count, the paper has the 4th largest circulation in the U.S. “The nonprofit has amassed a fortune, growing its revenue by a staggering 685% in two years, to $122 million in 2021, according to the group's most recent tax record,” noted NBC of the publication's wild success.
U.S. Attorney Damian Williams, who brought the charges, added:
As alleged, Bill Guan, the Chief Financial Officer of a global newspaper and media company, conspired with others to benefit himself, the media company, and its affiliates by laundering tens of millions of dollars in fraudulently obtained unemployment insurance benefits and other crime proceeds. When banks raised questions about the funds, Guan allegedly lied repeatedly and falsely claimed that the funds came from legitimate donations to the media company. Today's charges reflect this Office's ongoing commitment to vigorously enforcing the laws against those who facilitate fraud through money laundering and to protecting the integrity of the U.S. financial system.
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