Washington Man Sentenced to Five Years for Role in $100 Million Crypto Money Laundering Scheme

A Washington state resident has been sentenced to five years in federal prison after helping launder nearly $100 million generated through a large-scale investment fraud scheme. Authorities said Geoffrey K. Auyeung, 47, played a key role in moving funds collected from victims who were falsely promised profitable investments in the oil and gas sector.

According to federal prosecutors, the scheme operated between August 2022 and August 2024. Victims were persuaded to send money to what were presented as secure escrow accounts for oil storage investments. Instead, the funds were quickly transferred through a network of bank accounts and crypto platforms.

Funds Converted Into Bitcoin, Ethereum and Stablecoins

Investigators said Auyeung created at least nine business entities and opened 81 bank accounts across 24 financial institutions. He also maintained 19 accounts on eight cryptocurrency exchanges. In total, authorities traced approximately $97.1 million in deposits and wire transfers connected to the fraud.

The funds were allegedly converted into cryptocurrencies including Bitcoin, Ethereum, USDT and USDC before being transferred to accounts linked to individuals in Nigeria and Russia. Victims reportedly never received returns or updates regarding their investments.

Millions in Assets Ordered Forfeited

Prosecutors said Auyeung earned at least $4 million in commissions from the operation. Authorities also alleged that he continued participating in the scheme after being indicted by using accounts opened in his wife’s name, generating an additional $400,000 in commissions.

Following his arrest in August 2024 and guilty plea in February 2026, Auyeung agreed to forfeit significant assets, including approximately $7.1 million in cryptocurrency, $2.3 million seized from bank accounts and property, an Audi SQ8, and roughly $300,000 held in additional bank accounts. Federal authorities are also seeking more than $24 million in restitution for victims affected by the scheme.