Weidong “Bill” Guan, the former chief financial officer of The Epoch Times, pleaded guilty Thursday to a conspiracy charge in a $67 million fraud scheme, interrupting jury selection at his money laundering trial. Guan, 63, of Secaucus, New Jersey, entered the plea in Manhattan federal court.
Prosecutors described the scheme as an effort to launder fraudulently obtained unemployment benefits and other funds through the New York-based media company’s bank accounts and related entities. The conspiracy charge carries a potential prison sentence of up to 10 years.
Guan stated in court that he knew there was a high probability that money passing through accounts he oversaw were the proceeds of criminality. He admitted that despite this probability, he chose not to investigate further, calling it a "tremendous lapse in judgment." When asked by the judge if he was guilty, Guan responded, "I'm guilty."
According to court documents, members of the company’s “Make Money Online” team, managed by Guan, used cryptocurrency since 2020 to purchase tens of millions of dollars in crime proceeds. These proceeds included funds from fraudulent unemployment benefits loaded onto prepaid debit cards. Stolen personal information was used to open accounts as part of the money laundering scheme, prosecutors said. The money was further laundered through other bank accounts held by The Epoch Times, Guan’s personal bank accounts, and cryptocurrency accounts.
Prosecutors stated that the charges are unrelated to the media company’s newsgathering activities. A trial would have involved testimony from current and former employees, cryptocurrency records, and communications, including emails and text messages in which Guan allegedly misled banks about the nature of income flowing through various accounts.
Federal prosecutors indicated that the company's revenues increased approximately 410% after the money laundering began, from about $15 million to $62 million. Guan reportedly lied to banks, attributing the transaction increase to legitimate donations.
Judge Victor Marrero did not immediately set a sentencing date for Guan, who remains free on bail. The Epoch Times has stated it has been cooperative with prosecutors. The media outlet has become increasingly conservative in its political stance and has expressed support for former President Donald Trump.