The US Department of Justice (DoJ) indicted Bill Guan, the chief financial officer of Epoch Times, on Tuesday.
The DOJ alleges that Guan was involved in an international scheme to launder around $67 million of illicit funds using cryptocurrency.
The Scam
From 2020 to May 2024, Bill Guan engaged in a large-scale international money laundering scheme, collaborating with others to launder approximately $67 million of illegal funds into the bank accounts of his media company and its related entities, according to the official press release by DOJ.
Guan managed the company’s “Make Money Online” (MMO) team, operating from a foreign office, to facilitate the scheme. Under his direction, the team used cryptocurrency to purchase tens of millions of dollars in illicit proceeds, mainly from fraudulently obtained unemployment benefits loaded onto prepaid debit cards.
These crime proceeds were bought at discounted rates of 70 to 80 cents per dollar via a specific cryptocurrency platform and t
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