Washington man gets five-year sentence in $97.1 million money laundering conspiracy case

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Washington man money laundering sentence

Highlights

Geoffrey K. Auyeung receives a five-year federal sentence after pleading guilty to conspiracy to commit money laundering in a $97.1 million fraud case.
From August 2022 to August 2024, Auyeung's fraudulent entities channeled 81 bank accounts at 24 financial institutions and 19 cryptocurrency accounts to obscure money flows.
Auyeung is ordered to forfeit $2.3 million, agrees not to contest $7.1 million in seized crypto assets, and must relinquish $300,000 more towards restitution.

Sentencing follows broad fraud proceeds probe

As reported by U.S. Immigration and Customs Enforcement, an investigation by Homeland Security Investigations Seattle and IRS Criminal Investigation leads to the federal sentence of Geoffrey K. Auyeung, 47, after he pleads guilty in February and is sentenced on June 9 for conspiracy to commit money laundering.

Court records say Auyeung set up at least nine entities to receive money from investors who believed they were putting funds into oil and gas opportunities. Prosecutors say co-schemers told victims they could profit by renting purchased oil tank storage to others, and directed them to send money to supposed escrow accounts tied to storage in Rotterdam, Netherlands, or Houston.

From at least August 2022 through August 2024, victims send funds into the accounts, while between June 2022 and July 2024 those accounts receive $97.1 million in domestic and international third-party wire transfers and other deposits. Authorities say all deposits in Auyeung's accounts represent fraud proceeds, which are then quickly moved to other accounts, sent offshore, or used to buy cryptocurrency.

Investigators say Auyeung opens at least 81 bank accounts at 24 financial institutions and 19 accounts across eight cryptocurrency exchanges. Much of the cryptocurrency is then transferred to Binance accounts allegedly controlled by the same individual or individuals located in Nigeria and Russia, while victims stop receiving information about their investments and communications cease.

Forfeiture and conduct after indictment shape the case

At sentencing, U.S. District Judge John C. Coughenour says the punishment is driven by the scope and magnitude of the fraud and by the defendant's continued conduct even after indictment. First Assistant U.S. Attorney Neil Floyd says Auyeung keeps communicating with co-conspirators after he is indicted and arrested, and continues collecting illicit fees by routing money through his wife's bank accounts.

Prosecutors say that as Auyeung becomes more aware of the fraud, he demands higher commissions from co-conspirators and ultimately receives at least $4,078,348 in commission payments. Between August 2024 and December 2025, he also accepts an additional $400,000 in commissions by funneling deposits through accounts in his wife's name, according to the case record.

Auyeung is ordered to forfeit about $2.3 million in funds and cash seized from his bank accounts and home, along with an Audi SQ8. He also agrees not to contest the civil forfeiture of about $7.1 million seized from various cryptocurrency wallets and to relinquish about $300,000 now in his bank accounts toward restitution.

Officials say the case illustrates the broader economic harm of financial crime. One victim travels from the UK to attend sentencing and tells Auyeung that he causes significant pain, while investigators say such offenses threaten individuals, businesses and the U.S. economy.

Our earlier article on Intercontinental Exchange and OKX’s planned joint venture outlined how major market operators are pushing deeper into regulated digital-asset finance, including tokenised assets, institutional-grade derivatives, and 24/7 trading infrastructure. We also noted the venture’s intention to pursue U.S. regulatory licences and placed the move in the context of rising political engagement with crypto and exchanges expanding blockchain-driven product lines.

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