Large-Scale Money Laundering Conspiracy Accused in Washington - Residents Plead Guilty

News from ChainCatcher reveals a major money laundering case in the U.S., where a 47-year-old resident of Newcastle, Washington, has admitted to the offense. Geoffrey K. Auyeung is accused of participating in a complex fraud scheme, using financial channels to hide the origins of illegal funds.

Fraud Scheme with Nine Fake Companies

On February 20, 2026, Auyeung pleaded guilty in the U.S. District Court in Seattle to his role in this conspiracy. His strategy involved establishing nine shell companies, which pretended to operate in the oil and gas investment sector to appear credible. Through these companies, Auyeung induced victims to transfer approximately $97.1 million—mostly from fraudulent activities—into 81 bank accounts and 19 cryptocurrency wallets he controlled.

Money Laundering Across Multiple Countries

After the funds entered these accounts, Auyeung did not keep the money there. He quickly moved the funds to accounts managed by partners in Russia and Nigeria. This method is typical of modern money laundering schemes—separating the original money from its source by transferring across international borders. According to the investigation, Auyeung personally benefited from the scheme by at least $4.07 million.

Sentencing and Plea Agreement

In his plea agreement, Auyeung agreed to pay $24.7 million in restitution to the victims and consented to the forfeiture of assets worth approximately $10.1 million. Federal prosecutors have recommended a sentence of 63 months in prison. The final hearing is scheduled for May 12, 2026, where the court will decide whether to accept the proposed sentence. This case reflects the increasing efforts of law enforcement to prosecute money laundering activities related to cryptocurrencies.