The arrested CFO allegedly managed a team that purchasing crime proceeds with cryptocurrencies to benefit the media company.
The U.S. Department of Justice indicted Bill Guan, the chief financial officer of New York-based media publication Epoch Times, for allegedly participating in a $67 million money laundering scheme. Guan was arrested on Sunday.
The funds were then transferred to bank accounts associated with Epoch Times by MMO members and other participants who opened various accounts using stolen personal information. This alleged scheme ran on from around 2020 up until last month. Around the time the scheme had begun, the media company’s annual revenue surged around 410%, the DOJ statement said. When banks questioned the source of funds, Guan lied that they were from legitimate donations to the media company, Williams alleged.
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