Quick take:
- The indictment states that Mr. Guan, 61, led Epoch Times’ “Make Money Online” team, which used crypto to “purchase tens of millions worth of crime proceeds.”
- Epoch Time has stated that it “intends to and will fully cooperate with any investigation dealing with the allegations against Mr Guan,” BBC reported.
- Mr. Guan has since been suspended by the company until the matter is concluded, Epoch Times said.
Epoch Times chief financial officer, Bill Guan has been indicted by Federal prosecutors for allegedly participating in a scheme that laundered tens of millions of dollars using cryptocurrency.
According to the report, Mr. Guan, 61, led Epoch Times’ “Make Money Online” team, which used crypto to “purchase tens of millions worth of crime proceeds.”
He has since been suspended by the outlet “until the matter is concluded.” Epoch Time has also stated that it “intends to and will fully cooperate with any investigation dealing with the allegations against Mr Guan,” BBC reported.
“Although Mr Guan is innocent until proven guilty beyond a reasonable doubt, the company has suspended him until this matter is resolved,” Epoch Times said.
If convicted, Mr. Guan, who has yet to enter a plea, could face a prison time of more than 30 years, the report states.
According to the indictment report, the alleged scheme began in 2020.
Describing how the plot was executed, prosecutors said members of the Make Money Online (MMO) team simply “purchased crime proceeds via cryptocurrency at a discount and then transferred those proceeds into bank accounts held by entities affiliated with newspaper.”
The money would then be moved into Epoch Times accounts using “tens of thousands of layered transactions” including credit card accounts opened using stolen identities, the report states.
The report, which bases some of the allegations on accounting data, indicates that Epoch Times revenues skyrocketed by 410 times to about $62 million from $15 million about the time Mr. Guan came up with the alleged scheme.
Mr. Guan reportedly lied about what caused the surge in revenues, claiming it came from donations.
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