SEATTLE — A 47-year-old Washington state man pleaded guilty Friday to conspiracy to commit money laundering in a scheme that funneled nearly $100 million in fraud proceeds from phony oil and gas investments to overseas cryptocurrency wallets, federal prosecutors said.
Geoffrey K. Auyeung, of Newcastle, admitted setting up nine business entities to receive funds from victims who believed they were investing in oil tank storage facilities in Rotterdam, Netherlands, or Houston, according to a plea agreement filed in U.S. District Court in Seattle. The scheme, which ran from at least August 2022 through August 2024, promised investors big profits from renting out the storage tanks, but the money was quickly diverted offshore or converted to cryptocurrencies.
First Assistant U.S. Attorney Charles Neil Floyd announced the plea. Auyeung was arrested Aug. 12, 2024, on a criminal complaint and indicted later that month. U.S. District Judge John C. Coughenour has scheduled sentencing for May 12, 2026.
Prosecutors said co-conspirators convinced victims to wire money to what were portrayed as escrow accounts controlled by Auyeung’s entities, including Sea Forest International LLC, Apex Oil and Gas Trading LLC and Navigator Energy Logistics LLC. Once received, the funds were rapidly transferred to other accounts, sent abroad or used to buy cryptocurrencies such as Bitcoin, Tether, USD Coin and Ethereum through exchanges like Gemini, BitStamp and Coinbase.
Much of the cryptocurrency ended up in Binance accounts controlled by individuals in Nigeria and Russia, authorities said. Victims received no further information on their investments, and Auyeung and others ceased responding to inquiries.
Auyeung opened 81 bank accounts at 24 financial institutions and 19 accounts on eight cryptocurrency exchanges, prosecutors said. Between June 2022 and July 2024, those accounts took in $97.1 million in third-party wire transfers and deposits. Law enforcement traced $24.7 million to about 35 victims, and officials believe the rest also stemmed from fraud.
As Auyeung grew aware of the scam, he demanded higher commissions from co-conspirators, ultimately receiving at least $4,078,348, according to the plea. He admitted misleading banks and financial institutions about the funds’ sources and his involvement in fraud complaints.
Even after his indictment, Auyeung continued the activity, prosecutors said. From August 2024 through December 2025, he funneled deposits through his wife’s bank accounts and collected an additional $400,000 in commissions.
Under the plea deal, Auyeung agreed to pay $24,707,031 in restitution to victims. He is forfeiting about $2.3 million in seized funds and cash from his bank accounts and home, plus an Audi SQ8 luxury SUV. He also won’t contest the civil forfeiture of $7.1 million from cryptocurrency wallets and agreed to relinquish roughly $300,000 in his accounts toward restitution.
The charge carries a maximum penalty of 10 years in prison. Prosecutors will recommend 63 months or the high end of the federal sentencing guidelines if lower. The judge isn’t bound by the recommendation.
The case highlights the growing use of cryptocurrencies in international fraud schemes, with funds traced across borders and digital platforms. Homeland Security Investigations and the Internal Revenue Service Criminal Investigation division led the probe. Assistant U.S. Attorneys Jehiel I. Baer and Yunah Chung are prosecuting.
Auyeung remains free pending sentencing. No details were released on the status of co-conspirators.
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