Ex-Epoch Times CFO Pleads Guilty in $67M Money Laundering Scheme

Weidong “Bill” Guan, the former chief financial officer of The Epoch Times, interrupted jury selection in Manhattan federal court Thursday to plead guilty to conspiracy in a $67 million money laundering scheme. Guan, 63, of Secaucus, New Jersey, admitted knowing there was a "high probability" the money flowing through accounts he oversaw was criminal proceeds. He said he chose to accept explanations and did not look deeper.

The charge carries up to 10 years in prison. Judge Victor Marrero has not set a sentencing date. Guan remains free on bail.

Prosecutors said the scheme ran through the media company's "Make Money Online" team, which Guan managed. Since 2020, the team used cryptocurrency to buy tens of millions of dollars in crime proceeds. The funds included fraudulently obtained unemployment benefits loaded onto prepaid debit cards. Stolen personal information was used to open accounts. The money then moved through Epoch Times bank accounts, Guan's personal accounts, and his crypto wallets.

A prosecutor told the judge a trial would have included testimony from current and former Epoch Times employees, along with cryptocurrency records and hundreds of emails and text messages. Some messages showed Guan misleading banks about the nature of the income going through various accounts.