Federal prosecutors allege that Bill Guan, 61, participated in a global plot to launder at least $67 million (£52 million) of illegal cash for personal benefit and that of the Epoch Times.
According to the indictment, Mr. Guan led the outlet’s “Make Money Online” team, which reportedly used cryptocurrency to acquire tens of millions worth of crime proceeds.
Mr. Guan has not yet entered a plea. If convicted, he could face more than 30 years in prison. In a statement on Monday evening, the Epoch Times told the BBC that it “intends to and will fully cooperate with any investigation dealing with the allegations against Mr. Guan.”
“Although Mr. Guan is innocent until proven guilty beyond a reasonable doubt, the company has suspended him until this matter is resolved,” the news outlet stated. However, it did not respond to specific questions regarding the Make Money Online team referenced by prosecutors.
Mr. Guan could not be reached for comment.
The 12-page indictment details the alleged scheme, which prosecutors claim began around 2020. The plot was straightforward: members of the Make Money Online (MMO) team would purchase crime proceeds via cryptocurrency at a discount and transfer those proceeds into bank accounts held by entities affiliated with the newspaper.
The illegal proceeds were ultimately moved back into Epoch Times accounts through “tens of thousands of layered transactions,” including prepaid debit cards and financial accounts opened using stolen identification information.
According to the indictment, the scheme enriched the Epoch Times, injecting tens of millions of dollars into the paper. Coinciding with the alleged scheme’s inception, the outlet’s internal accounting showed its annual revenue soaring by 410% — from $15 million in 2019 to roughly $62 million the following year.
When banks inquired about the surge in funds, Mr. Guan allegedly lied, claiming the money originated from “donations,” prosecutors said.
Mr. Guan faces one count of conspiring to commit money laundering and two counts of bank fraud. Prosecutors emphasized that these charges “do not relate to the Media Company [the Epoch Times’] newsgathering activities.”
Founded in 2000, the Epoch Times began as a small, low-budget newspaper distributed for free in New York. It was started by Chinese-Americans affiliated with a religious group called Falun Gong. Over the years, it has evolved into one of the U.S.’s most powerful conservative news organizations, known for its conspiracy theories, right-wing misinformation, and staunch opposition to the Chinese Communist Party.
