Epoch Times CFO charged with $67 million in cryptocurrency money laundering

Chief Financial Officer (CFO) of a News Media Epoch Times Arrested and charged with involvement in a $67 million money laundering scheme involving cryptocurrency.

Bill Guan was charged with conspiracy to commit money laundering and two counts of bank fraud for allegedly participating in a “transnational scheme” to launder $67 million, according to a news release from the U.S. Attorney’s Office for the Southern District of New York. Funds obtained illegally.

Guan is accused of orchestrating a conspiracy to: Epoch TimesThe ‘Make Money Online’ team used millions of dollars in cryptocurrency to purchase illicit funds, including ‘fraudulently obtained insurance benefit proceeds’ loaded onto prepaid debit cards.

According to the indictment, the MMO team purchased proceeds of the crime at a discount from an anonymous cryptocurrency exchange and transferred the proceeds to bank accounts held by individuals. Epoch Times– subsidiary.

The U.S. Department of Justice (DOJ) alleges that the proceeds were laundered through Guan’s personal bank and cryptocurrency accounts. Epoch Times ACCOUNTS – The media company’s internal accounting shows annual revenue increased 410% year over year.

Approximately $5.7 million in funds were reportedly transferred to an account on a second, unnamed cryptocurrency platform, and an additional $10.9 million was reportedly transferred to a third, unnamed cryptocurrency exchange.

Cryptocurrency companies were among those who raised concerns about “suspicious financial activity,” according to the indictment, with Guan claiming the funds variously came from customer subscriptions and “donations” to the company.

The indictment said the charges “are not related to the media company’s news gathering activities” and stated that “the defendants are presumed innocent unless and until proven guilty.” Guan faces charges that could result in up to 80 years in prison, and he was sentenced to run consecutive sentences.

Founded in 2000, the company Epoch Times It is an international media company affiliated with the Falun Gong religious group and has grown into a company loved by the American extreme right wing. The news outlet has faced accusations of spreading misinformation and promoting conspiracy theories, which spokespeople dismissed as ‘slander’.

Edited by Stacey Elliott.