Million

<h2 class="wp-block-heading" id="guan-s-crypto-money-laundering-case">Guan’s Crypto Money Laundering Case</h2> 
<p>The Department of Justice (DOJ) has <a href="https://www.justice.gov/usao-sdny/pr/chief-financial-officer-multinational-media-company-charged-participating-scheme" target="_blank" rel="noopener">announced</a> the arrest and indictment of Weidong Guan, also known as Bill Guan, the Chief Financial Officer (CFO) of The Epoch Times. Guan is accused of participating in a transnational scheme to launder approximately $67 million of illegally obtained funds for his benefit and that of the media company.</p> 
<p>According to the indictment, Guan, along with others, funneled the illicit funds into various bank accounts under the company’s name. He also managed the company’s “Make Money Online” (MMO) team, which was integral to the scheme. This team, along with other individuals, used <a href="https://btc-pulse.com/caitlyn-jenner-falls-victim-cryptocurrency-exit-scam/">cryptocurrency </a>to amass tens of millions of dollars in illegal funds, including proceeds from fraudulently acquired unemployment insurance benefits. The funds were often converted to prepaid debit cards, which were then further laundered.</p> 
<h2 class="wp-block-heading" id="the-mmo-team-and-guan-s-methods">The “MMO Team” and Guan’s Methods</h2> 
<p>The DOJ detailed that the MMO Team obtained funds via a specific cryptocurrency platform at discounted rates—70 to 80 cents on the dollar—in exchange for cryptocurrency. Once deposited, these funds underwent further laundering through various bank accounts belonging to Media Entities, as well as Guan’s personal accounts, both <a href="https://btc-pulse.com/deutsche-bank-tests-ethereum-margin-compression/">bank </a>and crypto.</p> 
<p>“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,” said U.S. Attorney Damian Williams.</p> 
<h2 class="wp-block-heading" id="company-annual-revenue-increases-by-410">Company Annual Revenue Increases by 410%</h2> 
<p>A significant outcome of Guan’s scheme was a dramatic increase in The Epoch Times’ annual revenue. After the scheme’s initiation, the company’s revenue surged by approximately 410%, from around $15 million to $62 million.</p> 
<p>“Today’s charges reflect this Office’s ongoing commitment to vigorously enforcing the laws against those who facilitate fraud through <a href="https://btc-pulse.com/binance-executive-denied-nigerian-money-laundering/">money </a>laundering and to protecting the integrity of the U.S. financial system,” stated Williams.</p> 
<p>The case against Weidong Guan underscores the continued efforts by the DOJ to clamp down on financial crimes, especially those involving the misuse of cryptocurrency to facilitate money laundering.</p> 
<p>Stay tuned for further updates as this case unfolds.</p>

Epoch Times CFO Charged for $67 Million Crypto Money Laundering Scheme

Table of Contents

BTC-Pulse

Other articles published on Jun 4, 2024

MiCA Regulations: Tether CEO Criticizes Bank Deposit Requirement for Stablecoins

Hedera and VeChain Bulls Go Wild for Moonbag’s 88% APY Rewards, Claim It as the Top Crypto Presale.

WadzPay Revolutionizes Mining Asset Financing with Strategic Societe Miniere D’Investissement SA ...

BlockDAG’s Presale Nears $40.8M with Keynote Launch From the Moon Amid NEAR’s Growth: Will It Att...

Interest for ‘Onchain’ term on Google hits record high in May

Sail Beyond Ripple and Hedera with MoonBag Ship: The Best Crypto Presale in June 2024 Is Here!

Join our free newsletter for daily crypto updates!