A 47-year-old facilitated a fraud involving nearly $100 million in investor funds converted to Bitcoin and Ethereum.
A Seattle-area man was sentenced to five years in prison for laundering nearly $100 million tied to a fraudulent investment scheme. Geoffrey K. Auyeung pleaded guilty to conspiracy charges after converting victim funds into Bitcoin, Ethereum, and stablecoins like USDT and USDC for co-conspirators.
Victims were misled into investing in a fictitious oil and gas venture between 2022 and 2024. Proceeds were diverted to bank accounts and crypto exchanges, with no returns provided. Prosecutors noted Auyeung continued illicit communications even after his 2024 arrest.
The scheme highlights growing risks of crypto-enabled financial fraud, with authorities emphasizing the role of digital assets in obscuring illicit transactions.