Epoch Times CFO Charged in Alleged Money Laundering Scheme
The chief financial officer (CFO) of the conservative outlet Epoch Times, Weidong 'Bill' Guan, has been arrested over an alleged years-long money laundering scheme to enrich himself and the company....
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Facts
- The chief financial officer (CFO) of the conservative outlet Epoch Times, Weidong 'Bill' Guan, has been arrested over an alleged years-long money laundering scheme to enrich himself and the company.1
- On Monday, the US Dept. of Justice (DOJ) announced the indictment, claiming that Guan conspired with others to launder at least around $67M in crime proceeds — including fraudulently obtained unemployment benefits.2
- He was charged with one count of conspiracy to commit money laundering, for which he could spend up to 20 years behind bars if convicted, and two counts of bank fraud that carry a maximum sentence of 30 years each.3
- According to federal prosecutors, a team under his leadership purchased the criminal proceeds via cryptocurrency and ultimately transferred them back into bank accounts affiliated with the outlet through layered transactions.4
- The alleged scheme is said to have boosted the New York-based multinational news organization's revenue by roughly 400% in one year, from $15M to $62M.5
- Yet, the DOJ noted that the charges aren't related to the reporting activities of the Beijing-critical nonprofit news outlet, which has been linked to the Chinese Falun Gong religious movement.6
Sources: 1Al Jazeera, 2United States Department of Justice, 3New York Times, 4BBC News, 5New York Post and 6CNBC.
Narratives
- Right narrative, as provided by The Gateway Pundit. Like other alternative news outlets that have strayed from left-leaning mainstream media, the Epoch Times has come under attack. The Biden admin. is committed to targeting political opponents and dissident journalists on the right. It's not hard to connect the dots and see that Biden's weaponized DOJ is politically targeting pro-Trump outlets.
- Democratic narrative, as provided by MSNBC. As expected, the right is claiming that the charges against Bill Guan are a political attack by the Biden administration. They have immediately jumped to defend the Epoch Times despite the facts that implicate the outlet in a criminal $67M money laundering scheme. This clearly problematic news company must be probed in accordance with the law.
