Washington Man Sentenced to Five Years for Laundering $97M in Fraud Proceeds

A Washington man has been sentenced to five years in prison for his role in laundering $97.1 million in fraud proceeds through bank accounts and crypto exchanges.

Geoffrey K. Auyeung pleaded guilty to conspiracy to commit money laundering and helped fraudsters take investor funds, using various entities and accounts to move the illicit funds.

A total of 81 bank accounts across 24 financial institutions and 19 accounts across eight cryptocurrency exchanges were used in the scheme.

The government stated that all deposits in these accounts represented fraud proceeds, with Bitcoin and stablecoin transfers being used to move the illicit funds.

Auyeung received at least $4.1 million in commission payments for his role in the scheme.