ChainCatcher News, Newcastle, Washington: 47-year-old resident Geoffrey K. Auyeung admitted to conspiracy to commit money laundering on February 20, 2026, in the Western District of Washington Federal Court. Auyeung established nine fake companies, using oil and gas industry investments as a pretext to deceive victims, transferring approximately $97.1 million in fraud proceeds into 81 bank accounts and 19 cryptocurrency accounts under his control, then quickly transferring the funds to accounts controlled by co-conspirators in Russia and Nigeria.
Investigations show that Auyeung profited at least $4.07 million from the scheme. Under the plea agreement, he will pay $24.7 million in restitution and forfeit approximately $10.1 million in assets. Prosecutors recommend a sentence of 63 months in prison, with the final sentencing to be announced on May 12, 2026.
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