Seattle Man Sentenced for Laundering Nearly $100 Million in Fraud Proceeds Using Cryptocurrency

Seattle Man Sentenced for Cryptocurrency Fraud Scheme

Geoffrey K. Auyeung, a 47-year-old from the Seattle area, was sentenced to five years in prison for his role in a scheme that defrauded investors of nearly $100 million. Prosecutors revealed that Auyeung was involved in a conspiracy to launder money obtained through fraudulent investments in oil and gas projects.

Between 2022 and 2024, Auyeung and his associates misled victims into believing their funds were being invested legitimately while he redirected the money to various cryptocurrency exchanges and bank accounts. His activities included converting the fraudulently obtained funds into cryptocurrencies like Bitcoin and Ethereum.

After his arrest in 2024, Auyeung pleaded guilty, acknowledging his involvement in facilitating the transfer of illicit gains to his accomplices' cryptocurrency wallets. Prosecutors highlighted that he continued to coordinate with his co-conspirators even after being indicted, showing contempt for the law by directing proceeds into his wife’s bank accounts.

In total, Auyeung's accounts processed approximately $97.1 million in illicit deposits. He earned around $4 million in commissions for his role and is forfeiting over $2.3 million in cash, a vehicle, and $7.1 million in cryptocurrency seized by authorities at the time of his arrest.