Geoffrey Auyeung, 47, of Washington, has been sentenced to five years in federal prison for his role in a $97.1 million international investment fraud scheme that funneled proceeds through Binance cryptocurrency accounts controlled by individuals based in Nigeria and Russia. He pleaded guilty in February to conspiracy to commit money laundering and was sentenced on June 9, 2026, by US District Judge John Coughenour. Auyeung was also ordered to forfeit $10 million, according to the US Immigration and Customs Enforcement website.
How the Oil Investment Scheme Worked
Between June 2022 and July 2024, Auyeung and his co-conspirators convinced victims they were investing in oil depots in Rotterdam, Netherlands, or Houston, Texas, promising significant profits from leasing storage capacity to third parties. Auyeung established at least nine separate entities to receive funds from investors who believed they were placing money into legitimate escrow accounts. Those accounts collected $97.1 million in domestic and international wire transfers and other deposits.
Once money entered accounts under Auyeung's control, it was rapidly redistributed into other accounts, moved offshore, or converted into cryptocurrency. He maintained at least 81 bank accounts at 24 financial institutions and 19 accounts across eight different cryptocurrency exchanges. Much of the cryptocurrency was subsequently transferred to Binance accounts controlled by individuals based in Russia and Nigeria. Victims received no follow-up on their investments and were eventually met with complete silence.
Continued Offending After Arrest
What distinguished the case was Auyeung's conduct after his arrest. First Assistant US Attorney Neil Floyd noted that for 16 months following his indictment, Auyeung secretly maintained contact with co-conspirators and directed further deposits through bank accounts registered in his wife's name, collecting an additional $400,000 in commissions. Over the full period of the scheme, his total commission earnings reportedly reached at least $4,078,348.
Judge Coughenour remarked that Auyeung "had every reason to know there was something wrong here," adding that he continued taking money even after being indicted. Floyd described him as showing "utter disrespect for the law."
Victim Impact and Forfeiture
Acting HSI Seattle Special Agent in Charge April Miller said the case demonstrated that financial crimes carry serious real-world consequences. "Mr. Auyeung took advantage of investors who thought they were investing in the oil and gas industry, not just Americans, but people all around the world," she said. One victim travelled from the United Kingdom specifically to address Auyeung at sentencing, telling him directly: "You caused a lot of pain."
Auyeung will surrender approximately $2.3 million in seized funds, an Audi SQ8, and roughly $7.1 million from cryptocurrency wallets as part of the forfeiture agreement. He will also forfeit about $300,000 currently held in his bank accounts toward restitution.
Broader Context
This case follows another Nigerian-related fraud sentencing. Legit.ng earlier reported that Franklin Nwadialo, chairperson of the Ogbaru Local Government Area of Anambra state, was sentenced to five years’ imprisonment in the US for defrauding victims of more than $3.3 million in a romance scam. That case was investigated by the FBI and prosecuted by assistant US attorneys Sok Jiang and David Martin.
