Former Epoch Times CFO Admits Guilt in $67 Million Fraud Case
WHO:
CBS News - Weidong "Bill" Guan, 63, of Secaucus, New Jersey, former chief financial officer of The Epoch Times.
CBS News - Judge Victor Marrero presided over the case.
CBS News - The Epoch Times, a conservative multinational media company, and its chief executive, Samuel Zhou, and chief financial officer, William Cheung.
WHAT:
CBS News - Guan's plea deal spares him from the possibility of being convicted of other charges at trial, which could have resulted in more than a decade in prison.
CBS News - A prosecutor indicated that a trial would have included testimony from current and former Epoch Times employees, cryptocurrency records, and hundreds of emails and text messages.
CBS News - Guan misled banks about the nature of the income going through various accounts, claiming there was an increase in legitimate donations.
CBS News - Guan pleaded guilty to a conspiracy charge in a $67 million fraud scheme.
CBS News - The conspiracy charge carries a potential sentence of up to 10 years in prison.
CBS News - Guan admitted to knowing there was "a high probability" that money passing through accounts he oversaw "were the proceeds of criminality."
CBS News - Guan stated, "This was a tremendous lapse in judgment," and "I feel like I'm guilty."
CBS News - The Epoch Times' revenues increased approximately 410% from about $15 million to $62 million during the money laundering scheme.
WHERE:
CBS News - The plea occurred in Manhattan federal court.
CBS News - The Epoch Times is based in New York.
WHEN:
CBS News - The money laundering scheme began in 2020.
CBS News - Guan interrupted jury selection at his trial to plead guilty.
WHY:
CBS News - Prosecutors stated that the charges are not related to the media company's newsgathering activities.
CBS News - The scheme involved laundering fraudulently obtained unemployment benefits and other funds.
HOW:
CBS News - Members of the company's "Make Money Online" team, managed by Guan, used cryptocurrency since 2020 to knowingly purchase tens of millions of dollars in crime proceeds, including funds from fraudulently obtained unemployment benefits loaded onto prepaid debit cards.
CBS News - Guan's team used cryptocurrency to "knowingly purchase tens of millions of dollars in crime proceeds."
CBS News - Stolen personal information was used to open accounts as part of the money laundering scheme.
CBS News - Money was laundered through Epoch's bank accounts and Guan's personal bank and cryptocurrency accounts.
(UPDATED July 10, 2026 21:20 UTC)
Guan has reached a plea deal that protects him from facing additional charges that could have led to over a decade in prison. Prosecutors revealed that a trial would have featured testimony from current and former Epoch Times employees, along with extensive cryptocurrency records and hundreds of emails and text messages, while emphasizing that the charges are unrelated to the company's newsgathering activities. Since 2020, members of the company's "Make Money Online" team, under Guan's management, have been implicated in using cryptocurrency to knowingly acquire tens of millions of dollars in crime proceeds, including funds from fraudulently obtained unemployment benefits.
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(UPDATED July 10, 2026 11:56 UTC)
Weidong "Bill" Guan, the former chief financial officer of The Epoch Times, pleaded guilty in Manhattan federal court to a conspiracy charge related to a $67 million fraud scheme that involved laundering fraudulently obtained unemployment benefits and other funds. Guan admitted to knowing that the money he oversaw was likely the proceeds of criminal activity and expressed regret, stating, "This was a tremendous lapse in judgment," and "I feel like I'm guilty." The scheme, which began in 2020, saw The Epoch Times' revenues soar by approximately 410%, from about $15 million to $62 million, as money was laundered through the company's bank accounts and Guan's personal accounts using stolen personal information and cryptocurrency.