A 47-year-old resident of Newcastle, Washington, was sentenced to five years in prison for conspiracy to commit money laundering.
According to a Tuesday press release from the U.S. Department of Justice, Geoffrey K. Auyeung helped overseas fraudsters move nearly $100 million in proceeds from investment scams through bank accounts and cryptocurrency exchanges.
"Mr. Auyeung facilitated a fraud, developed by others, that stole investor money while lulling them with promises of a legitimate escrow account," said First Assistant U.S. Attorney Neil Floyd.
The DOJ said Auyeung established at least nine entities to receive funds from victims who believed they were investing in the oil and gas industry. From around August 2022 through August 2024, co-conspirators persuaded victims to transfer money to purported escrow accounts to purchase oil tank storage in various locations, promising substantial profits.
Once the funds were deposited into the accounts Auyeung set up, they were quickly transferred to other accounts, moved offshore, or converted into cryptocurrencies such as bitcoin, Ethereum, USDT, and USDC through exchanges such as Gemini, Coinbase, and BitStamp.
Much of the cryptocurrency was then sent to Binance accounts controlled by individuals in Nigeria and Russia. The victims received no subsequent updates regarding their investments, the DOJ said.
Auyeung opened at least 81 bank accounts at 24 financial institutions and 19 accounts on 8 crypto exchanges, which received $97.1 million in wire transfers and deposits, all believed to be proceeds of fraud.
By helping the fraud scheme, Auyeung received at least $4 million in commission payments. Even after his indictment, he continued the scheme through accounts in his wife's name, accepting an additional $400,000 in commissions between August 2024 and December 2025.
Auyeung was arrested in August 2024 and pleaded guilty last February. Auyeung is forfeiting approximately $2.3 million seized from bank accounts and his home, an Audi SQ8, and has agreed to forfeit roughly $7.1 million in cryptocurrency. He will also relinquish around $300,000 in his bank accounts. The government has sought more than $24 million in restitution.
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