DOJ charges Epoch Times CFO in $67 million money-laundering scheme

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As a dedicated cinephile with a deep appreciation for journalistic integrity, I find the recent news about Weidong “Bill” Guan, the chief financial officer of the Epoch Times, deeply troubling. The allegations of money laundering and bank fraud leveled against him paint a disturbing picture of deceit and manipulation within an organization that prides itself on being a trusted source of news.

The finance head of The Epoch Times, a conservative news organization, was recently taken into custody by federal authorities for allegedly being part of a complex, international money laundering operation involving over $67 million in illegal funds.

Bill Guan, aged 61 from Secaucus, New Jersey, is accused, as indicated in the recently unveiled indictment, of having utilized cryptocurrencies to acquire tens of millions of dollars worth of ill-gotten gains. These funds were allegedly used for various criminal activities such as purchasing prepaid debit cards, defrauding unemployment insurance benefits, and exploiting stolen personal information to inflate the Epoch Times’ reported annual revenue.

In 2020, the “Make Money Online” team at the Epoch Times, headed by Guan, acquired illegal proceeds and transferred them into accounts connected to their media company, as stated in the indictment. The authorities claimed that these funds significantly boosted the company’s revenue, raising it from approximately $15 million to $62 million in a year.

According to the Justice Department’s statement, Guan placed $16.7 million from the sale’s earnings into his own bank accounts, yet failed to declare this income in his tax returns.

As a movie lover, I’d put it like this: A grand jury brought charges against Guan, accusing him of one money laundering offense and two counts of bank fraud. Prosecutors claimed that Guan deceived not one, but two American banks by telling them the cash originated from donations, which was untrue.

According to the indictment, Guan wrote a letter to Congress in 2022 claiming that donations made up a small part of the company’s total income. He stated that subscriptions represented the larger share of the company’s earnings instead.

I was involved with a group of people in a scheme to enrich myself, the media company, and its associates. We laundered over ten million dollars in fraudulently acquired unemployment insurance benefits and criminal proceeds. When banks began questioning the origin of these funds, I repeatedly lied, insisting that they were legitimate donations to the media company.

Based on my personal experience working in journalism, I believe that when a reputable news outlet like The Epoch Times issues a statement suspending an employee “until this matter is resolved,” it shows their commitment to maintaining high journalistic standards and ethical practices. In the face of allegations against one of their staff members, they are taking a responsible approach by temporarily stepping back from his duties while cooperating fully with any investigation.

An indictment spanning twelve pages doesn’t mention “The Epoch Times” explicitly, opting instead to identify it as a “global media company” anonymously. Nevertheless, Guan is distinctly recognized as the CFO of this organization in their latest tax declaration for the non-profit sector.

According to the Justice Department’s statement, the indictment has no connection to the media company’s news gathering operations.

Founded in the year 2000, The Epoch Times is a newspaper initiated by Chinese-American supporters of the Falun Gong spiritual practice, which is prohibited in China. Based in New York, this publication started as a humble, complimentary newspaper dedicated to criticizing the Chinese Communist Party. Over time, it expanded nationally and its billboards, boasting the paper as “The Most Trusted News Source,” are now prevalent along freeways in Southern California.

Since then, this media outlet has gained significant influence within the conservative news community, earning a reputation for disseminating conspiracy theories, predominantly through social media platforms. They are also recognized as strong advocates for former President Trump and his associates.

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2024-07-18 22:44