Crypto Launderer Gets 5 Years for $97M Fraud Scheme

Geoffrey Auyeung, 47, will serve half a decade for his role in moving millions from a fake oil-and-gas scam. He set up shell companies and routed victim funds through multiple bank accounts and crypto exchanges, including Gemini, BitStamp, Coinbase, and Binance, before sending it offshore or to Nigeria and Russia. The scale of the operation, netting Auyeung over $4 million in commissions, was too large for the court to ignore. Prosecutors pointed out that Auyeung continued his illicit activities even after being indicted, demonstrating a blatant disregard for the law. He even kept collecting fees by routing funds into his wife's accounts. The government is seizing millions in assets, including crypto, and seeking further restitution from the convicted launderer.