DOJ · Ethereum · Gemini · The Block
According to a Tuesday press release from the U.S. Department of Justice, Geoffrey K
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A 47-year-old resident of Newcastle, Washington, was sentenced to five years in prison for conspiracy to commit money laundering.
Key facts
- Auyeung opened at least 81 bank accounts at 24 financial institutions and 19 accounts on 8 crypto exchanges, which received $97.1 million in wire transfers and deposits, all believed to be proceeds
- Auyeung is forfeiting approximately $2.3 million seized from bank accounts and his home, an Audi SQ8, and has agreed to forfeit roughly $7.1 million in cryptocurrency
- By helping the fraud scheme, Auyeung received at least $4 million in commission payments
- A 47-year-old resident of Newcastle, Washington, was sentenced to five years in prison for conspiracy to commit money laundering
Summary
According to a Tuesday press release from the U.S. Department of Justice, Geoffrey K. "Mr. Auyeung facilitated a fraud, developed by others, that stole investor money while lulling them with promises of a legitimate escrow account," said First Assistant U.S. Attorney Neil Floyd. The DOJ said Auyeung established at least nine entities to receive funds from victims who believed they were investing in the oil and gas industry. Once the funds were deposited into the accounts Auyeung set up, they were quickly transferred to other accounts, moved offshore, or converted into cryptocurrencies such as bitcoin, Ethereum, USDT, and USDC through exchanges such as Gemini, Coinbase, and BitStamp.