Money laundering scheme uncovered with fake companies in Washington

Geoffrey K. Auyeung, a 47-year-old resident of Newcastle, Washington, was convicted of participating in a money laundering criminal scheme. According to information provided by ChainCatcher, on February 20, 2026, Auyeung pled guilty in the federal district court in Seattle, admitting his involvement in a coordinated scheme that defrauded numerous victims.

Fake Company Criminal Operation

The criminal scheme was based on creating nine fictitious companies that impersonated legitimate investment entities in the energy sector, specifically in oil and gas. Auyeung used these fake corporate structures to systematically deceive victims and obtain fraudulent fund transfers. The criminals managed to channel approximately $97.1 million in illicit gains through 81 bank accounts and 19 cryptocurrency wallets they directly controlled.

International Flow of Illicit Funds

Once the resources were captured, the funds were quickly moved from the initial accounts to networks of accomplices spread across Russia and Nigeria, forming an international scheme of clandestine transfers. Subsequent investigations showed that Auyeung personally benefited at least $4.07 million from this criminal operation.

Legal Consequences and Restitution

As part of the plea agreement, Auyeung was sentenced to pay $24.7 million in restitution to the victims, in addition to losing assets valued at approximately $10.1 million. Prosecutors have recommended a 63-month prison sentence. The final sentencing is scheduled for May 12, 2026, when the court will determine the final penalties for this transnational fraud scheme, highlighting the growing risks of coordinated illegal operations across borders.