The Department of Justice has charged Weidong “Bill” Guan, CFO of The Epoch Times, with laundering at least $67 million through a complex money laundering scheme involving cryptocurrency. Guan, who managed the Media Company’s “Make Money Online” team, allegedly purchased tens of millions of dollars in crime proceeds and falsely reported these funds as legitimate revenue from subscriptions, donations, and profits from foreign offices.
In 2020, the Media Company’s financial records showed a revenue increase from $15 million to $62 million, attributed falsely by Guan to legitimate sources. The indictment reveals that these funds were, in fact, from illicit activities. By 2022, Guan continued to misrepresent the source of funds in a letter to a congressional office, falsely stating that subscriptions and donations constituted the majority of the company’s revenue.
The Epoch Times’ revenue surged by 685% to $122 million in 2021, and its digital network, including the video-sharing site Youmaker, saw substantial traffic growth, ranking 78th on Comscore’s news site list in January 2023. Despite outperforming conservative peers like Newsmax and The Daily Caller, these gains are now under scrutiny.
In response to the charges, The Epoch Times stated it was founded to counter the Chinese Communist Party’s persecution and upholds integrity in its dealings. The company has suspended Guan and pledged full cooperation with the investigation, maintaining his innocence until proven guilty.
Read why MBFC rates the Epoch Times as Questionable
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