Washington Man Sentenced to 5 Years for $100 Million Crypto Laundering Scheme

Geoffrey K. Auyeung of Newcastle, Washington, was sentenced to 5 years in prison for helping overseas fraudsters launder nearly $100 million in investment fraud proceeds through bank accounts and cryptocurrency exchanges. Auyeung pleaded guilty to conspiracy to commit money laundering after prosecutors said he facilitated transfers from victims deceived by false oil and gas investment pitches.

Between August 2022 and August 2024, Auyeung established at least 9 entities and controlled 81 bank accounts across 24 financial institutions and 19 accounts on 8 crypto exchanges. The $97.1 million in victim funds moved through platforms including Gemini, Coinbase, Bitstamp, and Binance before being converted into bitcoin, Ethereum, USDT, and USDC and sent to accounts in Nigeria and Russia. Auyeung received at least $4 million in commission payments. He is forfeiting $2.3 million in seized assets and approximately $7.1 million in cryptocurrency.