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A new one has been added to the cryptocurrency cases in the USA.
At this point, the US Department of Justice alleged that Bill Guan, CFO of the New York-based media publication Epoch Times, committed $67 million in money laundering using cryptocurrencies.
The DOJ alleged in the lawsuit that Guan led a team called “Make Money Online (MMO)” that was accused of purchasing proceeds of crime with cryptocurrencies to benefit the media company.
Allegedly, the funds were then transferred to bank accounts associated with Epoch Times by MMO members and other participants who opened various accounts using the stolen personal information.
These operations continued from 2020 until April 2024.
Damian Williams, US Attorney for the Southern District of New York, stated in his statement that Bill Guan was arrested and said:
“Allegedly, Bill Guan, Chief Financial Officer of a global newspaper and media company, conspired with others to benefit himself, his media company, and its affiliates by laundering tens of millions of dollars in fraudulently obtained unemployment insurance benefits and other criminal proceeds,
“Today's charges reflect the U.S. Department of Labor's Office of Inspector General's ongoing commitment to vigorously enforce the law against those who facilitate fraud through money laundering and to protect the integrity of the U.S. financial system.”
Regarding Guan's actions, Williams said: “Under Guan's direction, Team MMO members and others were involved in extorting tens of millions of dollars of criminal proceeds, including proceeds from fraudulently obtained unemployment insurance benefits, loaded onto tens of thousands of prepaid debit cards.” The proceeds of the crime were often purchased for cryptocurrency by scheme participants, including MMO Team members and others working with them, using a specific cryptocurrency platform, at discounted rates of approximately 70 to 80 cents on the dollar. ” said.
*This is not investment advice.