Epoch Times CFO charged with money laundering
Weidong "Bill" Guan stands accused of laundering $67 million
What happened
Weidong "Bill" Guan, chief financial officer of the right-wing Epoch Times news organization, was arrested and charged with "participating in a transnational scheme to launder at least approximately $67 million of illegally obtained funds," the Justice Department said Monday. Guan, 61, pleaded not guilty.
Who said what
Federal prosecutors said Guan laundered the money using the company's "Make Money Online" (MMO) team, channeling most of it back to The Epoch Times through "tens of thousands of layered transactions" but keeping $16.7 million for himself. While the plot "benefited" The Epoch Times, boosting its revenue about 410% in the first year, the Justice Department said, the charges "do not relate" to its "newsgathering activities."
The Epoch Times said it will "fully cooperate" with the investigation and has suspended Guan "until this matter is resolved." The newspaper "effectively functions as a propaganda wing" of the Falun Gong spiritual movement, New York Magazine said, and it also became a major booster of Donald Trump and various conspiracy theories starting in 2016.
What next?
Guan's three charges each carry maximum sentences of 20-30 years in prison.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
'When smartphone bans are done right, they can make a big difference'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
Can Trump turn Michigan's Arab community red with help from his in-laws?
Today's Big Question How the former president plans to use anger over Biden's Gaza policy to win over a skeptical bloc in a crucial battleground state
By Rafi Schwartz, The Week US Published
-
Surgeon general calls gun violence a health crisis
Speed Read U.S. Surgeon General Vivek Murthy issued a first-of-its-kind advisory
By Peter Weber, The Week US Published
-
IRS seeks to close loophole used by ultra-wealthy
Speed Read "Partnership basis shifting" means financial assets are shuttled through related corporate entities to avoid being taxed
By Rafi Schwartz, The Week US Published
-
Tesla investors back Musk's $48B payday
Speed Read The company's shareholders approved a controversial compensation package for CEO Elon Musk
By Peter Weber, The Week US Published
-
A massive copper shortage is on the horizon
Under the Radar It is estimated that mines will only meet 80% of copper needs by 2030
By Justin Klawans, The Week US Published
-
Boeing releases safety plan to skeptical FAA
Speed Read The Federal Aviation Administration demanded the plan after a door blew out on a Max 737 flight
By Rafi Schwartz, The Week US Published
-
FDIC chair out after toxic work culture report
Speed Read The report revealed a trend of sexual harassment and discrimination at the Federal Deposit Insurance Corporation
By Peter Weber, The Week US Published
-
How did Starbucks 'fall from grace'?
The Explainer The coffee giant faces lower quarterly sales. Is it the economy, or have the drinks grown stale?
By Joel Mathis, The Week US Published
-
How Wall Street and Endless Shrimp may have killed Red Lobster
Under the Radar The company's shrimp deal may have worked a little too well
By Justin Klawans, The Week US Published
-
Is Marjorie Taylor Greene finished?
Talking Points Marjorie Taylor Greene's effort to oust House Speaker Mike Johnson failed, but it still left many of her fellow Republicans furious
By Harold Maass, The Week US Published