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CFO of Epoch Occasions arrested over accusations he laundered $67m in unemployment advantages and different fraud | Information UK Video Information

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The chief monetary officer of world information outlet The Epoch Occasions has been arrested and accused of laundering $67m.

Weidong ‘Invoice’ Guan, 61, of New Jersey appeared earlier than a choose in New York on Monday on cash laundering and financial institution fraud prices after being arrested on Sunday. He pleaded not responsible.

Prosecutors stated members of the Epoch Occasions’ Make Cash On-line crew, which was managed by Guan, used cryptocurrency to “knowingly buy tens of hundreds of thousands of {dollars} in crime proceeds”.

This included funds from fraudulently obtained unemployment advantages that had been loaded on to pay as you go debit playing cards, in response to prosecutors.

Stolen private data was then used to open accounts as a part of the alleged laundering scheme, prosecutors stated.

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The cash was then allegedly laundered once more by different financial institution accounts held by Epoch and Guan’s private financial institution and cryptocurrency accounts.

Guan suspended

Assistant Federal Defender Ariel Werner, listed in court docket information as Guan’s legal professional, declined to touch upon the fees.

The Epoch Occasions was not named within the indictment launched on Monday, however as an alternative was known as a “multinational media firm.”

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In an announcement, the information organisation stated it could cooperate with the federal probe.

“The Epoch Occasions has a tenet that elevates integrity in its dealings above every part else. The corporate intends to and can absolutely cooperate with any investigation coping with the allegations towards Mr. Guan,” in response to a written assertion.

“Within the interim, though Mr. Guan is harmless till confirmed responsible past an affordable doubt, the corporate has suspended him till this matter is resolved.”

Prosecutors stated the fees should not associated to the media firm’s newsgathering actions.


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The media firm’s revenues jumped roughly 410% when the alleged cash laundering started, from roughly $15 million to $62 million, they stated.

Guan allegedly lied to banks once they requested in regards to the enhance in transactions and stated there was a rise in reputable donations.



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