Epoch Times CFO Bill Guan charged in alleged $67 million global money laundering scheme

The chief financial officer of conservative global news outlet The Epoch Times has been arrested and charged with leading a yearslong scheme to launder at least $67 million in illicit funds, federal prosecutors said Monday.

The "sprawling" scheme — which involved cryptocurrency, tens of thousands of prepaid debit cards, fraudulently obtained unemployment insurance benefits and stolen personal information — fueled a massive increase in The Epoch Times' reported annual revenue, prosecutors alleged.

Weidong "Bill" Guan, 61, is charged in U.S. District Court in lower Manhattan with one count of conspiracy to commit money laundering and two counts of bank fraud.

Guan was arrested Sunday morning, and pleaded not guilty on Monday afternoon before a federal magistrate judge in Manhattan, according to a court notice. He was released on a $3 million personal recognizance bond, and his travel is restricted to parts of New York and New Jersey, among other restrictions.

Guan "conspired with others to benefit himself, the media company, and its affiliates by laundering tens of millions of dollars in fraudulently obtained unemployment insurance benefits and other crime proceeds," U.S. Attorney Damian Williams said in a statement.

"When banks raised questions about the funds, Guan allegedly lied repeatedly and falsely claimed that the funds came from legitimate donations to the media company," Williams said.

The Epoch Times is not mentioned by name in the indictment. But Guan is listed as Epoch Times' CFO on the nonprofit media company's most recent tax return, filed in late 2023.

Prosecutors said the money laundering scheme benefited "a multinational media company headquartered in Manhattan, New York." The Epoch Times is headquartered on West