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The CEO of Epoch Times was arrested for alleged involvement in money laundering

Epoch Times Chief Financial Officer (CFO) Weidong “Bill” Guan has been arrested for his alleged involvement in a money laundering scheme, Al Jazeera reported, citing the US Department of Justice. Guan, the chief executive of the Epoch Times, a New York-based conservative media outlet known for its fierce criticism of the Chinese government, is said to have participated in an “elaborate, transnational scheme.”

According to the U.S. Department of Justice, the scheme was used to launder $67 million in illegally obtained money for his and the company’s benefit. The US Department of Justice added that under Guan’s direction, company members working for a specific team called “Make Money Online” used cryptocurrency to purchase tens of millions of dollars in crime proceeds, including fraudulently obtained unemployment benefits placed on prepaid debit cards loaded.

According to Al Jazeera, the employees then used stolen personal information to open bank and cryptocurrency accounts and transfer the illicit proceeds. Prosecutors said the charges are not related to the Epoch Times’ newsgathering activities.

“When banks inquired about the funds, Guan allegedly repeatedly lied and falsely claimed that the funds came from legitimate donations to the media company,” US Attorney Damian Williams said, according to Al Jazeera. Guan, 61, of Secaucus, New Jersey, is charged with two counts of bank fraud and one count of conspiracy to commit money laundering.

The most serious charge carries a maximum penalty of 30 years in prison. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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