SouthernWorldwide.com – Former Chief Financial Officer (CFO) of The Epoch Times, Weidong “Bill” Guan, has pleaded guilty to a conspiracy charge related to a $67 million money laundering scheme. The plea occurred during the jury selection process for his trial in Manhattan federal court.
Guan, 63, of Secaucus, New Jersey, admitted his involvement in a scheme that laundered money obtained through fraudulent means, including unemployment benefits. These funds were channeled through the New York-based media company’s bank accounts and associated entities.
The conspiracy charge carries a maximum prison sentence of 10 years. This plea agreement with prosecutors helps Guan avoid a potentially longer sentence if convicted of other charges at trial.
Judge Victor Marrero has not yet scheduled a sentencing date for Guan, who is currently out on bail. During his plea, Guan stated he was aware of a “high probability” that the money passing through his overseen accounts was derived from criminal activities.
He further admitted that despite this likelihood, he “chose to accept” the explanations provided and “did not look deeper to verify my concerns.” Guan described his actions as a “tremendous lapse in judgment” and expressed deep regret.
When questioned by the judge, Guan confirmed his understanding that his actions were wrong and illegal. However, when asked if he was pleading guilty, he initially responded, “I feel like I’m guilty.”
Judge Marrero clarified that the plea was not about feelings but about guilt. Guan then definitively stated, “I’m guilty.”
Court documents reveal that a team within The Epoch Times, described as the “Make Money Online” team and managed by Guan, utilized cryptocurrency since 2020. This team allegedly purchased tens of millions of dollars in proceeds from criminal activities, including laundered unemployment benefits loaded onto prepaid debit cards.
The scheme involved the use of stolen personal information to open accounts for the purpose of money laundering. Prosecutors stated that the funds were further laundered through various bank accounts belonging to The Epoch Times, as well as Guan’s personal bank and cryptocurrency accounts.
Federal prosecutors have emphasized that these charges are unrelated to the media company’s newsgathering operations. A trial would have featured testimony from current and former Epoch Times employees, alongside cryptocurrency records and extensive electronic communications, including emails and text messages where Guan allegedly misled banks about the nature of the income flowing through the accounts.
Prosecutors noted that The Epoch Times’ revenues saw a significant increase of approximately 410% after the money laundering began, rising from about $15 million to $62 million. Guan reportedly provided false explanations to banks inquiring about the surge in transactions, attributing it to an increase in legitimate donations.
The Epoch Times, which has publicly stated its full cooperation with prosecutors, has become known for its conservative political stance and its support for former President Trump. In response to Guan’s plea, The Epoch Times issued a statement asserting that it was not a party to the litigation and remains dedicated to producing “award-winning and independent journalism” under the leadership of its CEO, Samuel Zhou, and CFO, William Cheung.
