The charges allege that GUAN played a key role in laundering approximately $67 million of illegally obtained funds for personal gain and to benefit the media company and its affiliates.

According to the unsealed indictment, GUAN, while working as the CFO, conspired with others in executing a complex scheme that involved the use of cryptocurrency and prepaid debit cards. Under GUAN's management, the company's "Make Money Online" team reportedly used cryptocurrency to purchase tens of millions of dollars in crime proceeds, including fraudulent unemployment insurance benefits. These funds were then transferred to bank accounts associated with the media entities.

The indictment further details that once the crime proceeds reached the media entities' bank accounts, they were often further laundered through other accounts held by GUAN personally and through his own cryptocurrency accounts. It is alleged that GUAN used stolen personal identification information to open accounts, including prepaid debit card accounts, cryptocurrency accounts, and bank accounts, to facilitate the laundering process.

Investigators discovered that GUAN falsely claimed that the increased funds entering the media entities' bank accounts were donations when questioned by banks. In a letter sent to a congressional office in 2022, GUAN stated that "donations" constituted an insignificant portion of the media company's overall revenue. However, the internal financial accounting of the media company showed a substantial increase in annual revenue from approximately $15 million to approximately $62 million, coinciding with the alleged money laundering scheme.

The charges against GUAN include one count of conspiring to commit money laundering, carrying a maximum sentence of 20 years in prison, and two counts of bank fraud, each carrying a maximum sentence of 30 years in prison. It is important to note that the charges are focused solely on the alleged money laundering and bank fraud and do not relate to the media company's newsgathering activities.

United States Attorney Damian Williams emphasized the ongoing commitment to enforcing laws against those involved in fraudulent activities and money laundering, stressing the importance of safeguarding benefits intended for unemployed American workers. The case is being handled by the Office's Public Corruption Unit, with Assistant U.S. Attorneys leading the prosecution.

The investigation that led to GUAN's arrest involved the collaborative efforts of the U.S. Department of Labor's Office of Inspector General and the U.S. Department of State's Diplomatic Security Service Domestic Operations, showcasing the extensive global reach of these agencies. U.S. Attorney Williams also expressed appreciation for the assistance provided by U.S. Customs and Border Protection.

As with any criminal indictment, GUAN is presumed innocent unless proven guilty. Further updates on the case will be provided as they become available.

The arrest and charges against the CFO of a major media company highlight the importance of maintaining the integrity of the financial system and prosecuting those who facilitate fraud through money laundering. The implications of this case for both the media company and the individuals involved are significant and will be closely monitored in the days to come.