An American Man Used Cryptocurrency to Launder Nearly $100 Million in Fraud Proceeds, Sentenced to 5 Years in Prison

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June 10 – Per Decrypt, Geoffrey K. Auyeung, a Seattle-area resident in Washington state, has been sentenced to five years in federal prison for his role in a cryptocurrency money laundering scheme linked to an oil and natural gas investment fraud. Prosecutors state that between 2022 and 2024, Auyeung assisted a criminal group in defrauding victims, with total losses totaling approximately $97.1 million. Auyeung’s job involved receiving the proceeds from the fraud and transferring them to his accomplices by converting the funds into cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC) to hide the money’s trail. Even after being arrested and charged, prosecutors add, he still communicated with his co-conspirators and received illegal payments through his wife’s bank account. Investigations revealed Auyeung earned at least around $4 million in commissions. Authorities have seized over $2.3 million in bank deposits, roughly $7.1 million worth of cryptocurrency, and a vehicle from him. Most of the fraudulent funds were converted to crypto via platforms such as Gemini, Bitstamp, and Coinbase before being sent to Binance.

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