Seattle-Area Man Sentenced to 5 Years for Laundering $97M in Cryptocurrency Fraud Proceeds

According to prosecutors, Geoffrey K. Auyeung, 47, from the Seattle, Washington area, was sentenced to five years in prison on charges of conspiracy to commit money laundering for his role in a scheme that defrauded investors of nearly $100 million. Auyeung, who pleaded guilty in February after his 2024 arrest, received funds from a fraudulent investment scheme claiming to work in the oil and gas industry, then converted the money into Bitcoin, Ethereum, and stablecoins like USDT and USDC before transferring them to co-conspirators' accounts.

From June 2022 to July 2024, Auyeung's accounts received $97.1 million in wire transfers tied to the fraud. He earned at least $4 million in commissions and is forfeiting over $2.3 million from seized bank accounts, $7.1 million in cryptocurrency, and a vehicle.