Bill Guan ‘conspired with others to participate in a sprawling, transnational scheme,’ according to a statement from the US attorney’s office of the southern district of New York.Bill Guan ‘conspired with others to participate in a sprawling, transnational scheme,’ according to a statement from the US attorney’s office of the southern district of New York.
The 61-year-old executive “conspired with others to participate in a sprawling, transnational scheme to launder at least approximately $67m of illegally obtained funds”, according toProceeds went to the company, it said, and for the personal enrichment of individuals including Guan, who faces up to 70 years in prison on one count of conspiring to commit money laundering and two counts of bank fraud.
“Under Guan’s management, members of the team and others used cryptocurrency to knowingly purchase tens of millions of dollars in crime proceeds, including proceeds of fraudulently obtained unemployment insurance benefits, that had been loaded onto tens of thousands of prepaid debit cards,” the statement said.
Team members then used stolen personal identification information to open accounts and funnel the profits there, and subsequently into accounts held in their own names.