On Friday, February 20, 2026, the U.S. Attorney’s Office for the Western District of Washington announced that Geoffrey K. Auyeung, 47, of Newcastle, Washington, pleaded guilty in U.S. District Court in Seattle to conspiracy to commit money laundering.

The scheme involved funneling fraud proceeds through a network of bank accounts and cryptocurrency exchanges to co-conspirators located in Nigeria and Russia. Sentencing is scheduled for May 12, 2026, before U.S. District Judge John C. Coughenour.

According to court documents, Auyeung admitted to establishing nine business entities used to receive funds from investors under the false pretense of oil and gas investments. These entities included Sea Forest International LLC, Apex Oil and Gas Trading LLC, Navigator Energy Logistics LLC, Terminal Energy International Escrow Service LLC, Energo Horizons Logistics (EA) LLC, Legacy Energy Logistics Transport Group LLC, Green Tree Gateway LLC, Dragon Timbers International LLC, and ANS & Partners International Limited.

From August 2022 to August 2024, Auyeung and his co-conspirators lured victims into sending money to purported escrow accounts for purchasing oil tank storage in Rotterdam, Netherlands, or Houston, Texas. Investors were promised substantial profits from renting out the storage. However, once the funds reached accounts controlled by Auyeung, the money was quickly transferred to other accounts, moved offshore, or used to purchase cryptocurrencies such as Bitcoin, Tether, USD Coin, and Ethereum. These cryptocurrencies were then transferred to accounts at the Binance exchange controlled by individuals in Nigeria and Russia. Victims received no further information about their investments, and communication ceased.

Auyeung opened at least 81 bank accounts across 24 financial institutions and 19 accounts on eight cryptocurrency exchanges. Between June 2022 and July 2024, these accounts received $97.1 million in domestic and international third-party wire transfers and deposits. Law enforcement has traced $24.7 million of these deposits to approximately 35 victims. Authorities believe the remaining deposits also represent fraud proceeds.

As Auyeung became increasingly aware of the fraudulent nature of the scheme, he demanded higher commissions from his co-conspirators. He admits to receiving at least $4,078,348 in commission payments. He also admitted to misleading banks and financial institutions regarding the source of the funds and his involvement in fraud complaints.

Even after his indictment in August 2024, Auyeung continued to communicate with co-conspirators and victims, accepting an additional $400,000 in commissions between August 2024 and December 2025. These funds were funneled through bank accounts in his wife’s name.

As part of his plea agreement, Auyeung has agreed to pay $24,707,031 in restitution to the victims. He is also forfeiting approximately $2.3 million in funds and cash seized from his bank accounts and home during his arrest, as well as an Audi SQ8. Auyeung has also agreed not to contest the civil forfeiture of approximately $7.1 million seized from various cryptocurrency wallets. Additionally, he will relinquish about $300,000 currently in his bank accounts towards his restitution obligation.

Auyeung faces a maximum sentence of 10 years in prison for conspiracy to commit money laundering. Under the plea agreement, prosecutors will recommend a sentence of 63 months in prison, or the high end of the guidelines range if it is less than 63 months. However, Judge Coughenour is not bound by this recommendation and can impose any sentence allowed by law.