Head of a newspaper in the US is accused of laundering money with cryptos for USD $67 million – DiarioBitcoin
By Hannah Perez
The New York-based newspaper Epoch Times is implicated in a cryptocurrency money laundering scheme. Its chief financial officer, Bill Guan, was arrested and faces charges.
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- Media outlet Epoch Times implicated in cryptocurrency money laundering scheme
- Bill Guan, the media’s chief financial officer, was arrested and faces charges of money laundering and bank fraud
- The Justice Department alleged that Guan purchased crypto with illicit funds to benefit himself and the company
The top executive of an American media outlet has received criminal charges for allegedly using cryptocurrencies to illicitly legitimize capital.
Bill Guan, chief financial officer of the media publication Epoch Timesbased in New York, has been charged by the United States Department of Justice for its alleged role in a $67 million money laundering scheme involving digital currencies, prosecutors said Monday.
In a press release, the U.S. Attorney’s Office for the Southern District of New York announced the indictment against Guan for conspiracy to commit money laundering, as well as two counts of bank fraud for carrying out a “transnational plan” to launder funds illegally. Guan was arrested on Sunday and appeared before a judge yesterday, authorities said.
Epoch Times involved in plaundering lan with cryptocurrencies
Prosecutors accused Guan of having orchestrated the group “Make Money Online” (MMO) Epoch Timesaccused of using cryptocurrencies to buy “tens of millions” of dollars in illicit funds, including illegally obtained unemployment insurance benefits that had been loaded onto tens of thousands of prepaid debit cards.
“Bill Guan, chief financial officer of a global newspaper and media company, allegedly conspired with others to benefit himself, the media company and its affiliates by laundering tens of millions of dollars in unemployment benefits. obtained fraudulently, insurance benefits and other proceeds of crime.”highlighted federal prosecutor Damian Williams.
According to the accusation, which was reported by the news outlet Decryptthe 61-year-old businessman would have gone to at least three unidentified cryptocurrency trading platforms to exchange assets and launder funds. It is estimated that more than $15 million was sent through those online exchanges.
The Justice Department continued to allege that the profits were transferred to bank accounts of affiliated entities to Epoch Timesas well as of Guan cryptocurrencies, and the accounts of Epoch Timesto the point where the media company’s internal accounting showed a 410% year-over-year increase in annual profits.
Williams added that when the banks questioned the executive about the suspicious financial activity, he stated that the funds came from customer subscriptions and “donations” to the enterprise.
Epoch Timesfounded in 2000, offers news media services in 22 languages in 36 regions, depending on its website. The publication is associated with the Falun Gong religious movement and is the reference for the American extreme right. In the past he has been singled out for sharing misinformation and promoting conspiracy theories.
The prosecutor’s office stated that the charges are not related to the newspaper’s newsgathering activities. Meanwhile, the charges against Guan could lead to prison terms of more than 80 years, according to reports.
Article by Hannah Estefanía Pérez / DailyBitcoin
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