WASHINGTON — A Newcastle man has pleaded guilty to conspiracy to commit money laundering for his scheme take money from investors and funnel it into offshore bank accounts and cryptocurrency.
From at least August 2022 through August 2024, 47-year-old Geoffrey Auyeung and co-conspirators convinced victims to send money to what they thought was escrow accounts to purchase oil tank storage in either Rotterdam, Netherlands, or Houston.
According to the U.S. Attorney’s Office, the co-conspirators indicated to victims that they could make significant profits by renting the oil tank storage they obtained to others.
“However, once the funds came into accounts controlled by Auyeung, the money was quickly moved into other accounts, moved offshore, or was used to purchase cryptocurrencies on multiple platforms,” the U.S. Attorney’s Office said.
Victims were not sent any further information on their investment and Auyeung and others simply stopped responding, the criminal complaint said.
The U.S. Attorney’s Office said Auyeung and his conspirators opened at least 81 different bank accounts at 24 different financial institutions, and opened 19 accounts on eight different cryptocurrency exchanges.
Between June 2022 and July 2024, those accounts received $97.1 million.
Law enforcement has traced deposits linked to some 35 different people or entities.
It’s believed $24.7 million came from those victims. In his plea agreement, he must pay that back to the victims.
He forfeited approximately $2.3 million in funds and cash seized from his bank accounts and home at the time of his arrest in August 2024.
Conspiracy to commit money laundering – spending, is punishable by up to 10 years in prison. Under the terms of the plea agreement, prosecutors will recommend 5 years in prison.
A judge is not bound by the recommendation and can impose any sentence allowed by law.
Sentencing is scheduled for May 12.
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