Geoffrey Auyeung Faces $7.1 Million Crypto Seizure in Oil Fraud Scheme

Seattle, WA – In a stunning move against financial chicanery, Geoffrey K. Auyeung, a Newcastle resident, faces the forfeiture of $7.1 million in cryptocurrency, part of a larger scheme believed to have bilked investors out of nearly $100 million.

The U.S. Attorney’s Office for the Western District of Washington has filed a civil action seeking the forfeiture of the digital assets, which were seized by Homeland Security Investigations (HSI) last December. Acting U.S. Attorney Teal Luthy Miller emphasized the government’s swift response to trace and seize the funds, aiming to recoup some of the losses for victims.

According to court records, Auyeung and his co-conspirators convinced investors to send money to所谓的escrow accounts in exchange for oil tank storage in Rotterdam or Houston. Promises of substantial profits were made, enticing victims into what turned out to be a fraudulent venture. The scheme’s unraveling left many without investment details, as the schemers ceased communication upon receiving their funds.

Indicted in August 2024, Auyeung stands accused of receiving much of the fraud proceeds. Authorities traced the money through at least 81 financial institution accounts and 19 cryptocurrency accounts, including transactions to exchanges in Russia and Nigeria. The seized cryptocurrency included Bitcoin, Tether, USD Coin, and Ethereum, with some funds transferred to Binance.

At the time of Auyeung’s arrest, $2.3 million was seized from his bank accounts. If the court approves the forfeiture, this amount will be added to the government’s efforts to return money to the identified victims, currently numbering dozens and facing losses totaling approximately $17.9 million.

This case is a testament to the determined pursuit of justice by HSI and Assistant United States Attorneys Jehiel Baer and Yunah Chung, who are prosecuting the matter with vigor.