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Ex-Epoch Times CFO pleads guilty in $67M multinational money laundering scheme
Prosecutors said the company’s revenue jumped 410% as illicit funds moved through bank and cryptocurrency accounts.
- On Thursday, Weidong 'Bill' Guan, former chief financial officer of The Epoch Times, interrupted his money laundering trial in Manhattan to plead guilty to a conspiracy charge in a $67 million fraud scheme.
- Federal prosecutors reported the media company's revenues jumped approximately 410% from approximately $15 million to $62 million when Guan's Make Money Online team began laundering crime proceeds through cryptocurrency.
- Admitting his role, Guan told the judge his actions were a "tremendous lapse in judgment" and that he knew money passing through accounts he oversaw were likely "proceeds of criminality."
- Judge Victor Marrero did not set a sentencing date for Guan, who remains free on bail while facing a potential prison sentence of up to 10 years for the conspiracy charge.
- Prosecutors stated the charges are unrelated to newsgathering at The Epoch Times, which has become politically conservative and embraced President Donald Trump, though the outlet maintains integrity guides its dealings.
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Associated Press News+18 Reposted by 18 other sources
Ex-Epoch Times CFO pleads guilty in $67M multinational money laundering scheme
The former chief financial officer of The Epoch Times, a conservative multinational media company, interrupted jury selection at his money laundering trial to plead guilty to conspiracy.
·New York, United States
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Total News Sources19
Leaning Left8Leaning Right1Center9Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 44%
C 50%
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