Ex-Epoch Times CFO pleads guilty in $67M multinational money laundering scheme
Summary
The former chief financial officer of The Epoch Times pleaded guilty to a conspiracy charge for his role in a $67 million money laundering scheme. Prosecutors say the scheme involved laundering fraudulently obtained unemployment benefits and other illegal funds through the media company's bank accounts.Key Facts
- Weidong “Bill” Guan, the ex-CFO of The Epoch Times, admitted guilt in a Manhattan federal court.
- The case involves laundering more than $67 million in fraudulently obtained funds, including unemployment benefits.
- Guan acknowledged he knew there was a high chance the money was from illegal sources but did not investigate further.
- The scheme used cryptocurrency and prepaid debit cards to move stolen money.
- Money was transferred through Epoch’s bank accounts and Guan’s personal accounts.
- The media company’s revenues increased by about 410% during the scheme.
- Prosecutors said Guan lied to banks about the source of increased funds, claiming they were legitimate donations.
- The Epoch Times said it will fully cooperate with the investigation and values integrity in its operations.
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