Former Epoch Times CFO Pleads Guilty In $67 Million Laundering Scheme
On Thursday, July 9, 2026, former Epoch Times chief financial officer Weidong "Bill" Guan pleaded guilty in Manhattan federal court to a money-laundering conspiracy tied to a $67 million scheme.[1]
Prosecutors told the court that Guan's Vietnam-based "Make Money Online" team used cryptocurrency beginning in 2020 to buy tens of millions in criminal proceeds, including fraudulently obtained unemployment benefits loaded onto prepaid debit cards.[1] They say the illicit flows coincided with Epoch Times revenues jumping about 410%, from roughly $15 million to $62 million, and that Guan misled banks by calling the surge legitimate donations.[1]
In June 2024, prosecutors in the Southern District of New York unsealed an indictment charging Guan with conspiring to commit money laundering and with two counts of bank fraud.[1] He was arrested and initially pleaded not guilty, and the Epoch Times suspended him while saying it would cooperate with authorities.[1]
The case moved toward trial, with jury selection underway by July 2026, before Guan changed course and entered the guilty plea in Manhattan federal court.[1]
The mainstream summary does not mention the broader context of unemployment insurance fraud during the COVID-19 pandemic, which the U.S. Government Accountability Office estimates accounted for between $100 billion and $135 billion, or 11-15% of total benefits paid during that period. This context is crucial as it highlights the systemic vulnerabilities that allowed schemes like Guan's to flourish amidst unprecedented economic disruptions. Furthermore, while the mainstream coverage notes Guan's guilty plea, it omits details about his admission of knowing the high probability that the funds were criminal proceeds, a significant aspect of his testimony that underscores the deliberate nature of his actions. Reports from social media accounts indicate that Guan's plea occurred amid jury selection, suggesting a last-minute decision that could imply the strength of the prosecution's case, which the summary does not elaborate on.
Additionally, the mainstream summary frames the revenue surge at Epoch Times as simply misleading banks, but deeper analysis reveals that this growth was part of a broader trend among partisan media outlets, driven by subscription models and targeted advertising that exploit political narratives. This suggests that Guan's actions may not be isolated but rather indicative of a larger pattern of financial misconduct within politically aligned media organizations, a nuance that the mainstream coverage fails to capture.[2][3][4]
Show source details & analysis (1 source)
📊 Relevant Data
GAO estimated that fraud accounted for between $100 billion and $135 billion (11-15%) of total unemployment insurance benefits paid during the COVID-19 pandemic period.
Unemployment Insurance: Estimated Amount of Fraud During Pandemic Likely Between $100 Billion and $135 Billion — U.S. Government Accountability Office
📌 Key Facts
- On Thursday, July 9, 2026, Weidong "Bill" Guan pleaded guilty in Manhattan federal court to a money-laundering conspiracy charge tied to a $67 million scheme.
- Prosecutors allege Guan’s team used cryptocurrency beginning in 2020 to purchase tens of millions of dollars in crime proceeds, including fraudulently obtained unemployment benefits on prepaid debit cards.
- Federal prosecutors say Epoch Times revenues jumped about 410% during the laundering period, from roughly $15 million to $62 million, and that Guan misled banks by claiming the increase was due to legitimate donations.
📰 Source Timeline (1)
Follow how coverage of this story developed over time