The former chief financial officer of The Epoch Times, the conservative media outlet known for its strong support of President Donald Trump, pleaded guilty Thursday to a federal conspiracy charge, abruptly ending his trial before opening statements.

Weidong “Bill” Guan, 63, admitted in Manhattan federal court that he took part in a scheme prosecutors say laundered about $67 million in fraud proceeds, including money from fraudulently obtained unemployment benefits, through bank accounts linked to the New York-based media company and related entities.

The conspiracy charge carries a maximum prison sentence of 10 years. In exchange for his guilty plea, prosecutors agreed to dismiss additional charges that could have resulted in a longer sentence. Judge Victor Marrero has not yet scheduled sentencing. Guan remains free on bail.

During the hearing, Guan acknowledged that he knew there was “a high probability” that the money flowing through the accounts he oversaw came from criminal activity.

“I chose to accept” the explanations he was given, Guan said, rather than investigate further.

“This was a tremendous lapse in judgment,” he told the court. “It was wrong and I am very sorry for my actions.”

Federal prosecutors alleged Guan oversaw a team known as “Make Money Online,” which they say used cryptocurrency beginning in 2020 to purchase tens of millions of dollars in criminal proceeds, including fraudulently obtained unemployment benefits loaded onto prepaid debit cards.

Prosecutors said stolen identities were also used to open accounts that helped move the money through financial institutions, including accounts held by The Epoch Times and Guan personally.

According to prosecutors, the company’s annual revenue jumped roughly 410% — from about $15 million to $62 million — after the alleged money-laundering operation began. They allege Guan falsely told banks the surge in transactions was driven by legitimate donations.

Prosecutors emphasized the case is unrelated to The Epoch Times’ journalism or editorial operations.

The Epoch Times said after the plea that it was never a party to the criminal case and remains focused on producing “award-winning and independent journalism” under its current leadership.

Founded in 2000, The Epoch Times has grown into one of the country’s most prominent conservative media organizations and has become one of Trump’s most loyal media allies, frequently promoting his policies and challenging investigations into him.