A Washington state man pleads guilty to laundering nearly $100 million in proceeds from an investment scam

Geoffrey K. Auyeung, a 47-year-old resident of Newcastle, Washington, pleaded guilty to participating in a money laundering conspiracy on February 20, 2026, in the U.S. District Court in Seattle.

Auyeung set up nine fake companies, using investments in the oil and gas industry as a guise to defraud victims, transferring approximately $97.1 million in scam proceeds into 81 bank accounts and 19 cryptocurrency accounts under his control, which were then quickly moved to accounts controlled by co-conspirators in Russia and Nigeria.

Investigations revealed that Auyeung profited at least $4.07 million from the scheme. Under the plea agreement, he will pay $24.7 million in restitution and forfeit approximately $10.1 million in assets. Prosecutors recommended a sentence of 63 months in prison, with the final sentencing scheduled for May 12, 2026.