Seattle Man Sentenced for Laundering $100 Million in Fraud Scheme
- Geoffrey K. Auyeung, a Seattle-area resident, was sentenced to five years in prison for his role in a crypto fraud scheme.
- Auyeung helped defraud investors of nearly $100 million by promising investments in the oil and gas industry.
- He transferred funds to bank accounts or crypto exchanges like Gemini, Bitstamp, and Coinbase, eventually moving most tokens to Binance.
- During the fraud period from June 2022 to July 2024, Auyeung’s accounts received $97.1 million believed to be fraud proceeds.
- He earned at least $4 million in commissions and forfeited over $9 million from bank accounts and crypto wallets.
Geoffrey K. Auyeung played a crucial role in laundering nearly $100 million through cryptocurrency channels, deceiving investors with false promises of oil and gas investments while transferring funds to various accounts and exchanges like Binance. His actions resulted in significant financial losses for victims who never saw returns on their investments.
(Source)
