Weidong “Bill” Guan, the former chief financial officer of The Epoch Times, pleaded guilty to a federal conspiracy charge on Thursday, admitting to his role in a scheme that laundered approximately $67 million in fraud proceeds. The conspiracy involved money from fraudulently obtained unemployment benefits, which was laundered through bank accounts linked to the New York-based media company and related entities.
Guan, 63, acknowledged in Manhattan federal court that he knew there was a high probability the money flowing through the accounts he oversaw came from criminal activity, but chose not to investigate further. He described his actions as a “tremendous lapse in judgment” and expressed remorse, stating, “It was wrong and I am very sorry for my actions.”
The conspiracy charge carries a maximum prison sentence of 10 years. As part of his guilty plea, prosecutors agreed to dismiss additional charges that could have resulted in a longer sentence. Guan remains free on bail, and sentencing has not yet been scheduled by Judge Victor Marrero.
According to federal prosecutors, Guan oversaw a team known as “Make Money Online,” which used cryptocurrency to purchase tens of millions of dollars in criminal proceeds, including fraudulently obtained unemployment benefits loaded onto prepaid debit cards. The alleged money-laundering operation began in 2020 and resulted in a significant increase in The Epoch Times’ annual revenue, from about $15 million to $62 million.
Prosecutors emphasized that the case is unrelated to The Epoch Times’ journalism or editorial operations. The company stated that it was never a party to the criminal case and remains focused on producing “award-winning and independent journalism” under its current leadership.
The Epoch Times, founded in 2000, has grown into one of the country’s most prominent conservative media organizations and has become one of Trump’s most loyal media allies, frequently promoting his policies and challenging investigations into him.
