Geoffrey K. Auyeung, a Washington man, has been sentenced to five years in prison for laundering nearly $100 million from a fake oil and gas investment scheme. From 2022 to 2024, he used shell companies and dozens of bank accounts to convert victim funds into crypto like Bitcoin and Ethereum, sending them to overseas co-conspirators. He must also pay $24 million in restitution and forfeit over $10 million in assets.
Auyeung money laundering sentencing
- ▪The scheme, which ran from August 2022 to August 2024, laundered nearly $100 million from investment scams
- ▪Geoffrey K. Auyeung, a 47-year-old from Newcastle, Washington, was sentenced to five years in federal prison for conspiracy to commit money laundering
- ▪Auyeung pleaded guilty to the money laundering charge on February 20, 2026
Oil gas investment fraud
- ▪The underlying fraud involved luring victims, primarily in the US, into fake investments in the oil and gas industry
- ▪To facilitate the scheme, Auyeung established at least nine shell companies and opened at least 81 bank accounts at 24 financial institutions
- ▪Victims were persuaded to transfer money to purported escrow accounts for the purchase of oil tank storage
- ▪Auyeung's accounts received $97.1 million in wire transfers and other deposits, all believed to be fraud proceeds
Cryptocurrency conversion methods
- ▪Much of the cryptocurrency was ultimately transferred to Binance accounts controlled by individuals in Nigeria and Russia
- ▪The cryptocurrency conversions were conducted through 19 accounts on 8 exchanges, including Gemini, Coinbase, and BitStamp
- ▪Auyeung converted the stolen funds into cryptocurrencies including Bitcoin, Ethereum, Tether (USDT), and USD Coin (USDC)
Post-arrest criminal activity
- ▪Auyeung was arrested in August 2024 but continued the scheme for 16 months using his wife's bank accounts
- ▪Over the course of the entire scheme, Auyeung received at least $4 million in commission payments for his role
- ▪While under indictment between August 2024 and December 2025, Auyeung accepted an additional $400,000 in commissions
Asset forfeiture seizures
- ▪As part of his sentence, Auyeung is required to pay over $24 million in restitution
- ▪Auyeung must forfeit $10.1 million in assets, including an Audi SQ8, $2.3 million in cash, and $7.1 million in cryptocurrency
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