Epoch Times CFO Charged With $67 mn Fraud Scheme
Epoch Times CEO Bill Guan has been indicted by the U.S. Department of Justice for allegedly leading a scheme to launder $67 million using cryptocurrency.
The charges do not pertain to the firm’s news and information-gathering activities. Under Guan’s management, the team and others used cryptocurrency to purchase tens of millions of dollars in crime proceeds, including fraudulently obtained unemployment insurance benefits.
The proceeds were then laundered through a cryptocurrency platform and turned into an unspecified cryptocurrency at 70 to 80 cents on the dollar.
The profits were then funneled into accounts held in Guan’s own names. The funds were further laundered through other bank accounts held by the media entity, Guan’s personal bank accounts, and through his crypto accounts.
Guan faces charges of conspiring to commit money laundering and bank fraud, with the money laundering charge carries a maximum sentence of 20 years and each bank fraud charge could result in up to 30 years imprisonment.
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