Seattle Man Sentenced to 5 Years for $100M Crypto Money Laundering
In brief
- Geoffrey K. Auyeung, 47, sentenced to five years for money laundering conspiracy
- Scheme defrauded victims of $100 million via fake oil and gas investments, June 2022–July 2024
- Proceeds routed through Bitcoin, Ethereum, USDT, USDC to Binance and other exchanges
- Auyeung earned $4 million in commissions; forfeiting $9.4 million in seized assets
The Fraud Operation
Auyeung and his co-conspirators persuaded victims to send money from at least 2022 to 2024, falsely claiming their capital would enter legitimate escrow accounts in the energy sector. During the two-year period from June 2022 to July 2024, his accounts received $97.1 million in wire transfers and deposits, all believed to be fraud proceeds by federal investigators.
Once money landed in his control, Auyeung's role was straightforward but critical. He transferred received funds to bank accounts or crypto exchanges like Gemini, Bitstamp, and Coinbase to buy crypto assets. The cryptocurrency bought—Bitcoin, Ethereum, dollar-backed stablecoins like USDT and USDC—then flowed onward.
Eventually, most of the crypto tokens were transferred to leading crypto exchange Binance, and victims received no further communication from Auyeung. For facilitating this pipeline, he earned at least $4 million in commission payments from co-conspirators.
Arrest, Guilty Plea, and Continued Crimes
Auyeung was arrested in 2024 and pleaded guilty in February. But the scheme didn't stop there.
After his indictment and arrest, Auyeung spent 16 months secretly communicating with his co-conspirators and continuing to receive illicit fees through his wife's bank accounts. Even facing federal charges, he persisted in moving money for the fraud ring.
"Mr. Auyeung facilitated a fraud, developed by others, that stole investor money while lulling them with promises of a legitimate escrow account." — First Assistant U.S. Attorney Neil Floyd
Forfeiture and Sentence
Auyeung is forfeiting more than $2.3 million seized from bank accounts at the time of his arrest, along with a car and $7.1 million seized from crypto wallets. The five-year sentence reflects the scale of the fraud and his post-arrest misconduct.
