Full Breakdown
Former Epoch Times CFO Pleads Guilty to $67 Million Money-Laundering Conspiracy
7/10/2026, 9:43:59 PM
Guilty Plea and Scheme Overview
Weidong “Bill” Guan, 63, the former chief financial officer of The Epoch Times, entered a guilty plea on Thursday in Manhattan federal court to a conspiracy charge tied to a $67 million fraud scheme. Prosecutors say Guan oversaw the “Make Money Online” team that used cryptocurrency since 2020 to purchase tens of millions of dollars in proceeds from fraudulently obtained unemployment benefits and other illicit funds. Stolen personal information was used to open prepaid-debit-card accounts, and the money was funneled through The Epoch Times’ New York-based bank accounts, Guan’s personal accounts, and additional cryptocurrency wallets. The charge carries a potential sentence of up to ten years, though the plea agreement spares Guan from facing additional counts that could extend his prison time.
Financial Mechanics and Scale
Court filings indicate the scheme coincided with a dramatic rise in the media company’s revenue—from roughly $15 million to $62 million, a 410 % increase—during the period the laundering occurred. Prosecutors allege Guan misled banks about the source of the inflow, describing the surge as “legitimate donations.” Cryptocurrency transactions and hundreds of emails and text messages, which would have been presented at trial, detail the flow of funds through multiple accounts.
Company Response
The Epoch Times, which has positioned itself as a conservative outlet supportive of President Donald Trump, issued a statement asserting it “was never a party to the litigation” and that it remains “focused on producing award-winning and independent journalism” under chief executive Samuel Zhou and chief financial officer William Cheung. The outlet also pledged full cooperation with prosecutors.
Verbatim Quotes
- “This was a tremendous lapse in judgment,” — Weidong “Bill” Guan
- “It was wrong and I am very sorry for my actions.” — Weidong “Bill” Guan
- “I feel like I'm guilty.” — Weidong “Bill” Guan
- “The Epoch Times has a guiding principle that elevates integrity in its dealings above everything else.” — The Epoch Times statement
Implications and Outlook
While Guan remains free on bail pending sentencing, the case highlights how media-related entities can be exploited for large-scale financial crime. Federal prosecutors emphasize that the alleged laundering was unrelated to the company’s newsgathering activities, but the revenue surge and deceptive bank communications raise questions about internal controls. The Epoch Times’ cooperation with authorities suggests ongoing scrutiny, and the outcome of Guan’s sentencing could set a precedent for how financial executives are held accountable for facilitating fraud through digital currencies.
