Feds Indict Far-Right Media Exec in Massive Money Laundering Scheme

Original article here

Bill Guan, the chief financial officer of the far-right Epoch Times, was indicted Monday on charges of allegedly participating in a massive money laundering scheme.

The Southern District of New York released a statement saying, “Bill Guan, 61, of Secaucus, New Jersey, is charged with one count of conspiring to commit money laundering, which carries a maximum sentence of 20 years in prison, and two counts of bank fraud, each of which carries a maximum sentence of 30 years in prison. The charges do not relate to the Media Company’s newsgathering activities.”

Guan is alleged to have laundered some $67 million in funds. The Epoch Times was founded in 2000 by John Tang and is associated with the Chinese Falun Gong new religious movement. The paper, which is part of the Epoch Media Group, is known for its conspiratorial articles, vehement opposition to the Chinese Communist Party, and socially conservative values.

NBC News reported in late 2023, based on subscriber count, the paper has the 4th largest circulation in the U.S. “The nonprofit has amassed a fortune, growing its revenue by a staggering 685% in two years, to $122 million in 2021, according to the group’s most recent tax record,” noted NBC of the publication’s wild success.

U.S. Attorney Damian Williams, who brought the charges, added:

As alleged, Bill Guan, the Chief Financial Officer of a global newspaper and media company, conspired with others to benefit himself, the media company, and its affiliates by laundering tens of millions of dollars in fraudulently obtained unemployment insurance benefits and other crime proceeds. When banks raised questions about the funds, Guan allegedly lied repeatedly and falsely claimed that the funds came from legitimate donations to the media company. Today’s charges reflect this Office’s ongoing commitment to vigorously enforcing the laws against those who facilitate fraud through money laundering and to protecting the integrity of the U.S. financial system.