NEW YORK — The former chief financial officer of The Epoch Times, a conservative multinational media company, made a last-minute decision Thursday to plead guilty to a conspiracy charge just as jury selection was getting underway in his money laundering trial.
Weidong “Bill” Guan, 63, of Secaucus, New Jersey, entered his guilty plea in Manhattan federal court. He admitted to taking part in what prosecutors described as a scheme to funnel fraudulently obtained unemployment benefits and other money through the New York-based media outlet’s bank accounts and affiliated entities — totaling approximately $67 million.
The conspiracy charge involving illegal financial transactions carries a maximum prison sentence of 10 years. Judge Victor Marrero did not immediately schedule a sentencing date. Guan was allowed to remain free on bail.
During the court proceedings, Guan acknowledged that he recognized there was “a high probability” that funds flowing through accounts he managed “were the proceeds of criminality.”
He went on to say that even with those suspicions, he “chose to accept” the explanations he received and “did not look deeper to verify my concerns.”
Addressing the judge directly, Guan said, “This was a tremendous lapse in judgment. It was wrong and I am very sorry for my actions.”
When the judge asked whether Guan knew his actions were wrong and illegal, Guan confirmed that he did. The exchange took a notable turn when the judge asked if he was pleading guilty and Guan replied, “I feel like I’m guilty.” Judge Marrero clarified that the question was not about feelings, but about guilt. Guan then stated plainly, “I’m guilty.”
Court documents reveal that members of the company’s “Make Money Online” team, which Guan oversaw, used cryptocurrency beginning in 2020 to “knowingly purchase tens of millions of dollars in crime proceeds.” That included money from fraudulently obtained unemployment benefits that had been loaded onto prepaid debit cards.
Prosecutors said stolen personal information was used to open accounts as part of the laundering operation. The funds were then moved through additional bank accounts held by the company, as well as through Guan’s personal bank and cryptocurrency accounts.
Authorities were clear that the charges have no connection to the media company’s journalism or news reporting activities.
Had the case gone to trial, prosecutors said testimony would have come from current and former employees of the company, along with cryptocurrency records and hundreds of emails and text messages. Some of those messages allegedly showed Guan providing misleading information to banks about the nature of the money moving through various accounts.
Federal prosecutors noted that the media company’s revenues surged roughly 410% once the laundering scheme began — climbing from approximately $15 million to around $62 million. Guan allegedly told banks that the spike in transactions was due to an increase in legitimate donations.
The Epoch Times has stated it will fully cooperate with prosecutors. The outlet has shifted toward a politically conservative editorial direction over the years and has been a supporter of President Donald Trump.
Following Guan’s arrest, the company released a statement saying, “The Epoch Times has a guiding principle that elevates integrity in its dealings above everything else.”
