Key Takeaways:
- Bill Guan, CFO of Epoch Times, charged in a $67 million cryptocurrency fraud scheme.
- DoJ alleges Guan laundered funds using cryptocurrency, inflating Epoch Times’ revenue by 410%.
- Guan faces up to 20 years for money laundering and 30 years for each bank fraud charge.
Bill Guan, CFO of Epoch Times, has been charged with participating in a $67 million cryptocurrency fraud scheme.
The U.S. Department of Justice (DoJ) alleges that Guan was involved in a scheme to launder illicit funds using cryptocurrency, which were then funneled into Epoch Times’ accounts, inflating the company’s reported revenue.
Epoch Times CFO indicted for alleged $67 million crypto money laundering scheme https://t.co/mUeJ9ZbnWN
— The Block (@TheBlock__) June 4, 2024
From 2020 to May 2024, Guan allegedly led a team that purchased crime proceeds at discounted rates using cryptocurrency.
These proceeds included fraudulently obtained unemployment insurance benefits.
🚨 Epoch Times CFO charged with laundering $67 million.
— Satoshi Club (@esatoshiclub) June 4, 2024
Feds allege he used crypto to buy illegal funds & funnel them into the company, boosting revenue.
The team used stolen personal information to open accounts, funnel the profits, and launder the funds through various bank accounts, including those of Epoch Times and Guan’s personal and crypto accounts.
The scheme resulted in a suspicious 410% increase in Epoch Times’ annual revenue, which raised red flags among investigators.
📰The Epoch Times CFO Bill Guan is arrested for participating in a scheme that laundered $67 million, purchasing crime proceeds with crypto.#blockchainhttps://t.co/QLNo2cSxNg
— Cryptonews.com (@cryptonews) June 4, 2024
Guan faces charges of conspiring to commit money laundering and bank fraud, with potential sentences of up to 20 years for money laundering and 30 years for each bank fraud charge.
About The Author
Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.
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