Epoch Times executive pleads guilty to laundering $67 million

A former chief financial officer of The Epoch Times pleaded guilty Thursday in Manhattan federal court to a federal conspiracy charge tied to laundering about $67 million in fraud proceeds. Weidong "Bill" Guan, 63, admitted he oversaw accounts that received money from fraudulently obtained unemployment benefits and other criminal activity.

He acknowledged knowing there was "a high probability" the funds came from illegal sources but chose to accept explanations rather than investigate.

Background on the case Prosecutors said the scheme used cryptocurrency starting in 2020 to purchase tens of millions of dollars in criminal proceeds, including prepaid debit cards loaded with stolen unemployment benefits. They alleged stolen identities were used to open accounts that moved the money through the media company and related entities.

The company’s annual revenue rose from about $15 million to $62 million after the alleged operation began, according to prosecutors. They said Guan falsely told banks the increase came from legitimate donations.

Company response The Epoch Times stated after the plea that it was never a party to the criminal case and remains focused on producing journalism under its current leadership. Prosecutors emphasized the case is unrelated to the outlet’s editorial operations.

Guan remains free on bail. Judge Victor Marrero has not yet scheduled sentencing. The conspiracy charge carries a maximum prison sentence of 10 years.