Who is Geoffrey K. Auyeung and why was he sentenced?

Geoffrey K. Auyeung is a Washington state resident who was sentenced to five years in prison after pleading guilty to conspiracy to commit money laundering. Prosecutors said he helped move US$97.1 million in fraud proceeds through bank accounts and cryptocurrency exchanges.

How much money was laundered through the fraud scheme?

According to US prosecutors, US$97.1 million flowed through bank accounts and crypto exchange accounts controlled by Auyeung between June 2022 and July 2024. Authorities said all of the deposits represented proceeds from fraud.

What type of fraud was connected to the laundering operation?

Victims were told they were investing in oil storage opportunities linked to facilities in Rotterdam and Houston. Prosecutors said the investment scheme was fraudulent and used fake business entities to collect investor funds.

How were cryptocurrencies used in the laundering scheme?

Court records show funds were converted into cryptocurrencies including Bitcoin (BTC), Tether (USDT), USD Coin (USDC) and Ether (ETH). The assets were then transferred through crypto exchanges and sent to overseas accounts allegedly controlled by co-conspirators.

Which cryptocurrency exchanges were involved?

Authorities said Auyeung used exchanges including Gemini, BitStamp and Coinbase to purchase digital assets. Prosecutors also alleged that much of the cryptocurrency was later transferred to Binance-linked accounts.

How much did Geoffrey Auyeung personally earn from the scheme?

According to prosecutors, Auyeung received at least US$4.08 million in commissions for his role in moving funds. Authorities said he sought higher commissions as he became more aware of the fraudulent nature of the operation.

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Washington man gets five years over $97M crypto laundering

Q: How extensive was the banking and crypto network used in the case?

Prosecutors said Auyeung opened at least 81 bank accounts across 24 financial institutions and 19 accounts across eight cryptocurrency exchanges. The large number of accounts allegedly helped move and conceal funds.

Written by Heidi Cuthbert Published Jun 10, 2026, 12:40 AM

A Washington state man has been sentenced to five years in prison after admitting his role in laundering US$97.1 million in fraud proceeds through bank accounts and cryptocurrency exchanges linked to an international investment scam.

Geoffrey K. Auyeung pleaded guilty to conspiracy to commit money laundering and was sentenced by US District Judge John C. Coughenour in Seattle, who cited “the scope and magnitude of this fraud” when imposing the sentence.

“Mr. Auyeung facilitated a fraud, developed by others,”

Said First Assistant US Attorney, Neil Floyd.

Prosecutors said Auyeung created at least nine companies using names associated with oil, gas, logistics and escrow services to receive investor funds from victims who believed they were participating in legitimate oil storage investments linked to facilities in Rotterdam and Houston.

Authorities said Auyeung opened at least 81 bank accounts across 24 financial institutions and 19 accounts across eight cryptocurrency exchanges, with the accounts receiving US$97.1 million in deposits between June 2022 and July 2024.

Court records show the funds were converted into cryptocurrencies including Bitcoin, Tether, USD Coin and Ethereum through exchanges such as Gemini, BitStamp and Coinbase before being transferred to Binance-linked accounts allegedly controlled by individuals in Nigeria and Russia.

Prosecutors are seeking US$24.7 million in restitution for victims, while Auyeung has agreed to forfeit approximately US$2.3 million seized from bank accounts and his home, an Audi SQ8, about US$7.1 million held in crypto wallets and a further US$300,000 from bank accounts towards victim compensation.

At the time of reporting, Bitcoin price was $61,738.67.

Washington man gets five years over $97M crypto laundering

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