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The US Treasury Department has accused Bill Guan, CFO of the international media company Epoch Times, of organizing a scheme to launder at least $67 million of illegally obtained funds through cryptocurrencies.
According to the case file, from 2020 to May 2024, Guan created the Make Money Online team in one of the firm's offices. Its members used cryptocurrencies to purchase funds received from various crimes at a discount of 20-30% and transfer them to prepaid debit cards.
Participants in the scheme used stolen personal data to open bank accounts and crypto wallets on unnamed trading platforms.
According to the prosecution, during the period of illegal operations, the annual income of Epoch Times increased, judging by the reports, from $15 million to $62 million. In response to bank inquiries regarding the increase in the number of transactions, Guan reported that the funds were received by the media company as donations.
In total, the defendant faces a maximum sentence of 80 years in prison for conspiracy to launder money and two counts of bank fraud.
The case was transferred to the court.
• Source: https://www.justice.gov/usao-sdny/p...al-media-company-charged-participating-scheme
According to the case file, from 2020 to May 2024, Guan created the Make Money Online team in one of the firm's offices. Its members used cryptocurrencies to purchase funds received from various crimes at a discount of 20-30% and transfer them to prepaid debit cards.
Participants in the scheme used stolen personal data to open bank accounts and crypto wallets on unnamed trading platforms.
According to the prosecution, during the period of illegal operations, the annual income of Epoch Times increased, judging by the reports, from $15 million to $62 million. In response to bank inquiries regarding the increase in the number of transactions, Guan reported that the funds were received by the media company as donations.
In total, the defendant faces a maximum sentence of 80 years in prison for conspiracy to launder money and two counts of bank fraud.
The case was transferred to the court.
• Source: https://www.justice.gov/usao-sdny/p...al-media-company-charged-participating-scheme
