Epoch Times CFO Admits Role in $67 Million Money Laundering Scheme

Guan, a resident of Secaucus, New Jersey, stood before Judge Victor Marrero in Manhattan federal court to confess his complicity in a complex laundering operation. When questioned by the judge, Guan initially hesitated, stating he merely felt guilty, before confirming his legal culpability. He characterized his actions as a severe lapse in judgment, admitting he deliberately ignored red flags regarding the illicit origins of funds passing through his department.

Prosecutors revealed that under Guan’s management, a team dubbed “Make Money Online” funneled tens of millions of dollars in crime proceeds into the organization starting in 2020. The scheme utilized stolen identities to open accounts, laundering funds through cryptocurrency and prepaid debit cards. The influx of illicit cash caused the outlet’s reported revenue to surge by 410%, jumping from $15 million to $62 million. When banking institutions questioned the sudden financial spike, Guan misled them by claiming the money resulted from a surge in legitimate donations.

While the media company has pledged to cooperate with the federal investigation, prosecutors emphasized that the criminal charges are entirely separate from the organization's editorial and newsgathering operations. Guan remains free on bail pending his formal sentencing.