Bank

when

Bill Guan, the chief financial officer of Epoch Times, a well-known conservative media outlet, has found himself in serious trouble. The U.S. Department of Justice (DoJ) has accused him of being involved in a complicated plan to launder a massive $67 million using cryptocurrency. 
The allegations against Guan focus on his supposed leadership of Epoch’s “Make Money Online” team, which operated internationally from around 2020 to May 2024. The DoJ claims that, under Guan’s direction, team members used cryptocurrency to knowingly handle tens of millions of dollars in illegal funds.&nbsp; 
These funds allegedly included money obtained fraudulently from unemployment insurance benefits, which were loaded onto prepaid debit cards in large quantities. 
<a href="https://www.justice.gov/usao-sdny/pr/chief-financial-officer-multinational-media-company-charged-participating-scheme" target="_blank" rel="noreferrer noopener nofollow">According to the DoJ</a>, the next step in the scheme involved transferring these unlawfully obtained funds through a specific cryptocurrency platform. There, they were supposedly converted into various cryptocurrencies at a significant discount.&nbsp; 
Guan and his team then allegedly laundered this converted money through different channels, including bank accounts linked to Epoch Times, Guan’s personal bank accounts, and his cryptocurrency assets. Additionally, team members are said to have resorted to identity theft to open accounts and further hide the origins of the funds. 
Now, Guan faces severe charges of conspiracy to commit money laundering and bank fraud. Each money laundering charge could lead to a maximum sentence of 20 years, while each bank fraud charge could result in up to 30 years of imprisonment, according to the indictment. 
The suspicions initially arose when investigators noticed Epoch’s revenue had soared by a staggering 410% in a year, jumping from $15 million to $62 million. Guan’s explanation that this increase was due to “donations” only raised more questions, ultimately leading to the uncovering of the alleged illegal activity. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/31/former-deutsche-bank-exec-sentenced-for-fraudulent-schemes/" target="_blank" rel="noreferrer noopener">Former Deutsche Bank Exec Sentenced for Fraudulent Schemes</a> 
</blockquote>

DOJ Accused Epoch Times CFO for Laundering $67M in Crypto

The Crypto Times

Other articles published on Jun 4, 2024

Hedera and Bonk Get Knocked Out By MoonBag, the Best Crypto Presale in June 2024

Pepe Coin and Floki Inu Investors are Switching to MoonBag Meme Coin for a 15,000% ROI

JPMorgan Chase plans to launch a biometric payment system in 2025

Top Altcoins Poised for 100x Explosion and Massive Profit: Analyst Predictions

Toncoin (TON) And Notcoin (NOT) Price Hints A 100% Surge This June?

Ethereum (ETH) Price Struggles to Break $3.7K Resistance

Join our free newsletter for daily crypto updates!