The Epoch Times CFO, Bill Guan, has recently been charged with crypto fraud involving about $60 million worth of crypto money.
An additional Epoch Times executive is embroiled in a million-dollar crypto fraud case. Bill Guan, the CFO of Epoch Times, allegedly assisted in the laundering of $67 million in illicit funds for the organization and his benefit. As a result, on Tuesday, he was indicted by the United States Department of Justice (DoJ) on charges including one count of conspiring to launder money and two counts of bank fraud.
Exposing the Epoch Times to Cryptocurrency Fraud
Epoch Times, a publication renowned for its dissent towards the Chinese government, operated a “Make Money Online” scheme, with Guan assuming responsibility for overseeing its operations. The 61-year-old CFO oversaw this organization from approximately 2020 to May 2024; during this time, he became entangled in the money laundering scheme.
As per the testimony of prosecutors, the criminal syndicate acquired illicit funds through cryptocurrency. After the discounted purchases, the proceeds were deposited into bank accounts maintained by affiliated entities of the newspaper organization.
Once more, Epoch Times was reimbursed for the proceeds in tens of thousands of transactions, including prepaid debit cards and financial accounts opened with the stolen identification information.
The Department of Justice stated in a shared release, “Under Guan’s direction, team members and others knowingly purchased tens of millions of dollars in crime proceeds with cryptocurrency, including the proceeds of fraudulently obtained unemployment insurance benefits that had been loaded onto tens of thousands of prepaid debit cards.”
While no definitive link has been established, specific documents indicate that the newspaper experienced a substantial surge in revenue of approximately 410%, decreasing from $15 million in 2019 to around $62 million in 2020. While being questioned by banks regarding the origin of his funds, Guan maintained that they were donations.
A potential prison sentence may be looming for Bill Guan.
Despite the absence of a guilty verdict, the reactionary political media outlet asserted that Guan had been suspended pending the resolution of the matter.
Furthermore, Epoch Times affirms its “complete cooperation and intention” with any investigative endeavor about the accusations levied against Mr. Guan. In the interim, the organization has not issued a formal statement regarding the Make Money Online scheme.
Conversely, Guan has yet to enter a plea; however, should he be found guilty and convicted beyond a reasonable doubt, his potential sentence could reach thirty years in a correctional facility. Likewise, the cryptocurrency exchange that enabled the laundering scheme involving the CFO of Epoch Times remained undisclosed.
This highlights the increasing prevalence of fraudulent incidents within the cryptocurrency industry. Ecosystem and the commitment of authorities to penalize defaulters. Over the past half-year, there has been a notable proliferation of fraudulent incidents involving cryptocurrencies. Geosyn Mining was previously indicted by the US Securities and Exchange Commission (SEC) on charges of defrauding over 64 investors out of $5.6 million.
The prosecutor in the Geosyn case alleged that the company’s founders operated fraudulent cryptocurrency mining rigs and used client funds for personal expenditures.
