The chief financial officer of global media outlet The Epoch Times has been arrested and accused of laundering $67 million.
Weidong ‘Bill’ Guan, 61, of New Jersey, appeared before a judge in new York on Monday on charges of money laundering and bank fraud, after being arrested on Sunday. He pleaded not guilty.
Prosecutors said members of the Epoch Times’ Make Money Online team, run by Guan, used cryptocurrency to “knowingly purchase tens of millions of dollars in criminal proceeds.”
This included fraudulently obtained unemployment benefit funds loaded onto prepaid debit cards, according to prosecutors.
Stolen personal information was then used to open accounts as part of the alleged laundering scheme, prosecutors said.
The money was then allegedly laundered again through other bank accounts held by Epoch and Guan’s personal and cryptocurrency bank accounts.
Guan suspended
Assistant Federal Defender Ariel Werner, listed in court filings as Guan’s attorney, declined to comment on the charges.
The Epoch Times was not named in the indictment released Monday, but was referred to as a “multinational media company.”
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In a statement, the news organization said it would cooperate with the federal investigation.
“The Epoch Times has a guiding principle that elevates integrity in its dealings above all else. The company intends to and will cooperate fully with any investigation dealing with the allegations against Mr. Guan,” according to a written statement.
“However, although Mr. Guan is innocent until proven guilty beyond a reasonable doubt, the company has suspended him until the matter is resolved.”
Prosecutors said the charges are not related to the media company’s newsgathering activities.
The media company’s revenues increased approximately 410% when the alleged money laundering began, from approximately $15 million to $62 million, they said.
Guan allegedly lied to banks when they asked about the increase in transactions and said there was an increase in legitimate donations.
This story originally appeared on News.sky.com read the full story
