DOJ Seeks to Return Millions in Crypto to Alleged Victims of $97M Oil and Gas Scheme
Main Idea
A Washington State man, Geoffrey Auyeung, has been indicted for allegedly laundering $7.1 million in crypto through a network of bank accounts and crypto wallets.
Key Points
1. Geoffrey Auyeung of Newcastle faces charges for conspiring to launder proceeds from victims, including companies like Sea Forest International and Apex Oil and Gas Trading.
2. Prosecutors allege the funds were routed through U.S. banks, foreign accounts, and at least 19 crypto wallets, with some linked to IP addresses and exchanges.
3. The Justice Department's investigation found Auyeung controlled a network that moved victim deposits through over 80 bank accounts and nearly 20 crypto wallets, converting proceeds into Bitcoin, Ethereum, Tether, and USD Coin.
4. Several transactions involved U.S.-based banks and exchanges, including Gemini and Binance.
Description
Federal prosecutors say funds from a $97 million oil and gas scam were laundered through shell companies, crypto wallets, and exchanges.
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