The chief financial officer of conservative news outlet The Epoch Times, Weidong “Bill” Guan, has been charged with leading a scheme to launder over $67 million in illicit funds, federal prosecutors announced Monday as reported by CNBC.

The alleged operation involved cryptocurrency, prepaid debit cards, fraudulently obtained unemployment benefits, and stolen personal information, boosting The Epoch Times’ reported annual revenue.

Guan Pleaded Not Guilty

Guan, 61, was arrested Sunday and pleaded not guilty to one count of conspiracy to commit money laundering and two counts of bank fraud. He was released on a $3 million bond, but his travel is restricted to parts of New York and New Jersey.

U.S. Attorney Damian Williams said that Guan laundered millions in fraudulently obtained funds to benefit himself, The Epoch Times, and its affiliates. When questioned by banks, Guan allegedly claimed the funds were legitimate donations.

The Epoch Times Suspends Guan

The Epoch Times has suspended Guan and expressed an intent to cooperate fully with the investigation.

This scheme reportedly involved Guan’s “Make Money Online team” using a crypto platform to buy crime proceeds at discounted rates, transferring them into bank accounts linked to the media outlet.

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The team allegedly used stolen personal information to open accounts and further launder the proceeds through multiple channels, including Guan’s own accounts.

The indictment does not name The Epoch Times but refers to a “multinational media company headquartered in Manhattan.” The Epoch Times is headquartered in Manhattan and saw its revenue jump from $15 million in 2019 to $62 million in 2020, attributed by prosecutors to the laundering scheme.

Guan’s charges do not pertain to the company’s newsgathering activities, and he faces up to 30 years in prison for each bank fraud count and 20 years for the conspiracy charge.

Read more at CNBC.