Ex-Epoch Times CFO pleads guilty in $67 million money laundering scheme
Former Epoch Times Financial Executive Enters Guilty Plea in Major Fraud Case
Interruption of Jury Selection Leads to Plea Agreement
Ex Epoch Times CFO pleads guilty – During proceedings for his money laundering trial on Thursday, the previous chief financial officer of The Epoch Times—a conservative global media organization—stepped forward to enter a guilty plea regarding a conspiracy charge connected to a $67 million fraudulent operation. Weidong “Bill” Guan, who is 63 years old and resides in Secaucus, New Jersey, made his admission before a Manhattan federal court, acknowledging his involvement in what legal authorities characterized as a coordinated effort to channel fraudulently acquired unemployment compensation and additional monies through banking channels associated with the New York-headquartered news organization.
The conspiracy conviction tied to unlawful financial dealings could result in a maximum penalty of ten years behind bars. However, the arrangement reached with government prosecutors protects Guan from facing separate accusations during his trial, which would have potentially extended his incarceration beyond ten years. Judge Victor Marrero has not yet established a specific date for sentencing, and Guan continues to remain released pending trial while posting bail.
Guan Acknowledges Awareness of Illicit Funds
While explaining his guilty plea, Guan stated that he recognized “a high probability” that funds flowing through accounts under his supervision “were the proceeds of criminality.” He acknowledged that even though he understood the money might be connected to fraudulent activities, he “chose to accept” the explanations provided to him and “did not look deeper to verify my concerns.” Addressing the court directly, Guan remarked, “This was a tremendous lapse in judgment,” adding, “It was wrong and I am very sorry for my actions.”
“I feel like I’m guilty,” Guan told the judge when asked if he was pleading guilty. After Judge Marrero clarified that the matter concerned legal guilt rather than personal feeling, Guan affirmed, “I’m guilty.”
Cryptocurrency and Unemployment Benefits Central to Scheme
According to filed court documents, personnel within the company’s “Make Money Online” division, which operated under Guan’s direction, began utilizing cryptocurrency in 2020 to “knowingly purchase tens of millions of dollars in crime proceeds.” These acquisitions included monies derived from unemployment benefits obtained through fraudulent means, which had been deposited onto prepaid debit cards. Prosecutors explained that stolen identity information was subsequently employed to establish accounts integral to the money laundering operation. Additional layers of laundering occurred through various banking channels, including accounts maintained by Epoch Times as well as Guan’s personal financial and cryptocurrency holdings.
Government attorneys emphasized that these accusations do not pertain to the news organization’s journalistic operations. A prosecutor informed the court that proceeding to trial would have required testimony from both current and former Epoch Times staff members, alongside cryptocurrency documentation and numerous email and text communications. Some of these messages revealed instances where Guan provided misleading information to financial institutions regarding the character of income moving through different accounts.
Company Response and Financial Impact
Federal prosecutors noted that the media organization’s revenue experienced an approximate 410 percent increase once the money laundering activities commenced, rising from roughly $15 million to approximately $62 million. According to prosecutors, Guan provided false information to banks when questioned about this surge in transaction volume, attributing the growth to legitimate charitable contributions rather than illicit sources.
The Epoch Times, which has committed to complete cooperation with investigators, has evolved into a politically conservative publication over recent years and has shown support for President Trump. Following Thursday’s guilty plea, the organization issued a public statement clarifying that it was never formally involved in the legal proceedings and that it “remains focused on producing award-winning and independent journalism” under the guidance of chief executive Samuel Zhou and chief financial officer William Cheung.