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| Epoch Times CFO charged with money laundering |
| 2024-06-04 |
[CNBC] Epoch Times CFO Bill Guan is charged in alleged $67 million global money laundering scheme.
Weidong “Bill” Guan, 61, is charged in U.S. District Court in lower Manhattan with one count of conspiracy to commit money laundering and two counts of bank fraud. Guan was arrested Sunday morning, and pleaded not guilty on Monday afternoon before a federal magistrate judge in Manhattan, according to a court notice. He was released on a $3 million personal recognizance bond, and his travel is restricted to parts of New York and New Jersey, among other restrictions. Guan “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,” U.S. Attorney Damian Williams said in a statement. “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,” Williams said. The Epoch Times in a statement said it has temporarily suspended Guan. “The company intends to and will fully cooperate with any investigation dealing with the allegations against Mr. Guan,” a spokesperson for the outlet told CNBC. “In the interim, although Mr. Guan is innocent until proven guilty beyond a reasonable doubt, the company has suspended him until this matter is resolved.” Guan, a resident of Secaucus, New Jersey, managed the Epoch Times’ “Make Money Online team,” which carried out the scheme to buy “crime proceeds” and transfer them to bank accounts linked to the media outlet, according to his indictment. From 2020 to 2024, the team allegedly used a crypto platform to buy tens of millions of dollars in crime proceeds at discounted rates, of 70 to 80 cents on the dollar, in exchange for cryptocurrency. The crime proceeds, which came from sources including “fraudulently obtained unemployment insurance benefits,” were loaded onto tens of thousands of prepaid debit cards, prosecutors alleged. After purchasing the crime proceeds, participants allegedly used stolen personally identifiable information to open various types of accounts and transfer the proceeds into bank accounts linked with the media outlet and related entities. They were often laundered again through other accounts, including Guan’s own personal bank and crypto accounts, according to prosecutors. To hide the illegal nature of the proceeds, Guan and his co-conspirators allegedly lied to banks and other entities about their sources. NBC News and other outlets have reported on The Epoch Times’ affiliation with the Chinese religious group Falun Gong, which in recent years has supported former President Donald Trump as an ally in its opposition to the country’s ruling Chinese Communist Party. The Epoch Times is not mentioned by name in the indictment. But Guan is listed as Epoch Times’ chief financial officer on the nonprofit media company’s most recent tax return, filed in late 2023. Prosecutors alleged the money laundering scheme benefited “a multinational media company headquartered in Manhattan, New York.” The Epoch Times is headquartered on West 28th Street in Manhattan. Prosecutors allege the scheme by Guan and his co-conspirators caused the company’s revenue to jump from “approximately $15 million to approximately $62 million” between 2019 and 2020. The bank fraud counts each carry a maximum sentence of 30 years in prison, while the conspiracy holds a 20-year maximum prison sentence. The charges against Guan “do not relate to the Media Company’s newsgathering activities,” the Department of Justice noted in a press release. |
| Posted by:Ululating Platypus |
| #10 ^ The WIKI staff missed the DOJ memo to disparage the ETimes. |
| Posted by: Cleared Cookies Lost Nic 2024-06-04 15:21 |
| #9 Just skimmed a highly biased Wiki cite about the Epoch Times and it's anti-communist, pro Falun Gong roots. It is very Pro-Trump and while the underlying charges may well have merit, timing is massively suspicious as another suppression action by DOJ before the election! https://en.wikipedia.org/wiki/The_Epoch_Times |
| Posted by: NoMoreBS 2024-06-04 14:19 |
| #8 ^ They also think the USA would not exist without them. |
| Posted by: M. Murcek 2024-06-04 14:10 |
| #7 ^ the whole problem within the Beltway - they think everyone outside it exist to support them. |
| Posted by: Procopius2k 2024-06-04 13:58 |
| #6 WaPo boss sounds alarm over dwindling audience in heated staff meeting: 'People are not reading your stuff' |
| Posted by: Skidmark 2024-06-04 13:28 |
| #5 NY working hard to end the 1st amendment. |
| Posted by: 49 Pan 2024-06-04 11:18 |
| #4 nonprofit media company There is that word again. Can't we just say "scammy"? Or "scamulous", if you want a little more class. |
| Posted by: SteveS 2024-06-04 10:30 |
| #3 CNBC even got to drag NBC News and other outlets have reported on The Epoch Times’ affiliation with the Chinese religious group Falun Gong, which in recent years has supported former President Donald Trump as an ally in its opposition to the country’s ruling Chinese Communist Party. The Epoch Times is not mentioned by name in the indictment. But Guan is listed as Epoch Times’ chief financial officer on the nonprofit media company’s most recent tax return, filed in late 2023. |
| Posted by: Frank G 2024-06-04 09:59 |
| #2 Given the way NY selectively applies and conducts justice. I guess some NON-MSM digging is in order to see the underlying or actual reason for the arrests so close to Elections. |
| Posted by: NN2N1 2024-06-04 07:13 |
| #1 I'm detecting a pattern here. |
| Posted by: Procopius2k 2024-06-04 07:10 |