Weidong “Bill” Guan, the former chief financial officer of The Epoch Times, interrupted jury selection at his own trial on Thursday to plead guilty to a conspiracy charge in a $67 million money laundering scheme.
A Guilty Plea That Halted the Trial
According to the Associated Press report, Guan, 63, of Secaucus, New Jersey, entered the plea in Manhattan federal court, admitting his participation in a scheme that prosecutors described as laundering fraudulently obtained unemployment benefits and other funds through the New York-based media company’s bank accounts and related entities.
The admission came as prospective jurors were waiting for selection to begin. As he acknowledged his role, Guan said he knew there was “a high probability” that money passing through accounts he oversaw was the proceeds of criminality, according to the account of the hearing.
The exchange grew briefly tense. Asked directly whether he was pleading guilty, Guan first answered, “I feel like I’m guilty.” U.S. District Judge Victor Marrero told him it was not a question of what he felt but whether he was guilty—after which Guan confirmed he knew what he had done was wrong and illegal.
How Crypto Moved the Money
The crypto layer sits at the center of the scheme. According to court papers, members of the company’s internal “Make Money Online” team, which Guan managed, used cryptocurrency beginning in 2020 to knowingly purchase tens of millions of dollars in crime proceeds.
Those proceeds included funds from fraudulently obtained unemployment benefits that had been loaded onto prepaid debit cards. Stolen personal information was then used to open accounts as part of the laundering operation, prosecutors said.
The money was layered further through bank accounts held by Epoch and through Guan’s own personal bank and cryptocurrency accounts, prosecutors said. The combination of prepaid cards and crypto rails allowed the operation to move illicit funds before they surfaced as apparently legitimate corporate income.
A 410% Revenue Spike That Drew Bank Scrutiny
The scheme left a visible mark on the company’s books. Federal prosecutors said the media company’s revenues jumped approximately 410% when the laundering began, climbing from around $15 million to roughly $62 million.
That surge tripped alarms inside the banking system. When banks questioned the sudden increase in transaction volumes, Guan lied about the source, telling them the money reflected a rise in legitimate donations, prosecutors said.
A prosecutor told the court that a trial would have featured testimony from current and former Epoch Times employees, along with cryptocurrency records and hundreds of emails and text messages — including some in which Guan misled banks about the nature of the income flowing through the accounts.
What Guan Faces Now
The conspiracy count relating to illegal financial transactions carries a potential prison sentence of up to 10 years. The negotiated plea spares Guan the risk of conviction on additional counts at trial, where he could have faced a longer term.
Judge Marrero did not immediately set a sentencing date, and Guan remains free on bail. The case dates back to an indictment first brought in 2024, which TCT covered at the time.
The Epoch Times has promised full cooperation with prosecutors. Federal prosecutors have stressed that the investigation is focused on isolated economic offenses rather than the outlet’s newsgathering operations.
Also Read: Belgian Authorities Arrest 19-Year-Old in €500K Crypto Laundering Scheme
