U.S. District Judge John C. Coughenour sentenced Geoffrey K. Auyeung to five years in prison in Seattle federal court for conspiracy to commit money laundering. According to reports from the U.S. Department of Justice, Auyeung was arrested in August 2024 and pleaded guilty in February 2025. The judge stated the sentence followed "the scope and magnitude of this fraud." First Assistant U.S. Attorney Neil Floyd noted that Auyeung facilitated fraud developed by others, helping fraudsters take investor funds while victims believed they were sending money to legitimate escrow accounts. Judge Coughenour emphasized that "the defendant had every reason to know there was something wrong here... even taking money after the indictment."
Court records revealed that Auyeung created at least nine entities to receive investor funds using names tied to oil, gas, logistics, escrow, and energy services. From August 2022 through August 2024, coconspirators told victims they were investing in oil storage involving sites in Rotterdam, Netherlands and Houston. As reported by the U.S. Department of Justice, victims were told they could profit by renting tank storage to others, but after payments reached Auyeung-controlled accounts, funds moved to other accounts, offshore destinations, or crypto exchanges. One victim traveled from the United Kingdom to attend the sentencing hearing, telling Auyeung "You caused a lot of pain." The victims received no subsequent updates regarding their investments, with the schemers simply going silent.
According to prosecutors, Auyeung opened at least 81 bank accounts across 24 financial institutions and 19 accounts across eight cryptocurrency exchanges. Between June 2022 and July 2024, these accounts received $97.1 million in third-party deposits, with all deposits representing fraud proceeds. Authorities said Auyeung used exchanges including Gemini, BitStamp, and Coinbase to buy cryptocurrency, purchasing Bitcoin, Tether, USD Coin, and Ethereum. Much of the crypto later moved to Binance accounts, which were controlled by individuals in Nigeria and Russia. Prosecutors noted Auyeung received at least $4,078,348 in commission payments and demanded higher commissions as he became more aware of the fraud. First Assistant U.S. Attorney Neil Floyd remarked that "Auyeung spent 16 months secretly still communicating with his co-conspirators and continuing to get his illicit fees by having the money go to his wife's bank accounts. He showed utter disrespect for the law." Even after his indictment, Auyeung continued the scheme through accounts in his wife's name, accepting an additional $400,000 in commissions between August 2024 and December 2025.
The court referred $24,707,031 in restitution calculation to a magistrate judge for victims. According to the U.S. Department of Justice, Auyeung will forfeit approximately $2.3 million seized from bank accounts and his home, plus an Audi SQ8. He agreed not to contest civil forfeiture of about $7.1 million seized from crypto wallets and will surrender approximately $300,000 from bank accounts toward restitution. Judge Coughenour praised prosecutors' efforts to recover funds for victims, stating "The conduct was superb." Homeland Security Investigations and IRS Criminal Investigation handled the case, with Assistant U.S. Attorneys Jehiel I. Baer and Yunah Chung prosecuting the matter.
