Washington Man Sentenced to 5 Years for $100 Million Crypto Money Laundering Scheme
Geoffrey K. Auyeung, a 47-year-old from Newcastle, Washington, was sentenced to five years in prison for helping overseas fraudsters launder nearly $100 million from investment scams using crypto and bank accounts.
How the Fraud Scheme Worked
From August 2022 to August 2024, scammers tricked victims into believing they were investing in the oil and gas industry with promises of high returns through fake escrow accounts. Victims sent money to accounts controlled by Auyeung, which were then quickly moved offshore or converted into cryptocurrencies like Bitcoin, Ethereum, USDT, and USDC. The funds were mainly sent to Binance accounts linked to individuals in Nigeria and Russia.
Auyeung’s Role and Earnings
Auyeung opened 81 bank accounts across 24 institutions and 19 crypto exchange accounts. He facilitated the movement of $97.1 million in scam proceeds and earned at least $4 million in commissions. He continued the scheme even after his arrest using his wife’s accounts, making another $400,000 until December 2025.
Sentencing and Forfeiture
Auyeung pleaded guilty in February 2026. He must forfeit $2.3 million in cash and assets, an Audi SQ8, $7.1 million in cryptocurrency, and additional bank funds. The government is seeking over $24 million in restitution for victims.
