Washington Resident Admits to Money Laundering Scheme Involving Fake Companies

A 47-year-old resident of Newcastle, Washington, Geoffrey K. Auyeung, has admitted to participating in a money laundering conspiracy, according to ChainCatcher. On February 20, 2026, Auyeung pleaded guilty in the federal district court in Seattle. Auyeung established nine fictitious companies, posing as investment entities in the oil and gas sector, to deceive victims into transferring approximately $97.1 million in fraudulent proceeds into 81 bank accounts and 19 cryptocurrency accounts under his control. These funds were then swiftly moved to accounts managed by co-conspirators in Russia and Nigeria. Investigations revealed that Auyeung profited at least $4.07 million from the scheme. As part of his plea agreement, he will pay $24.7 million in restitution and forfeit assets worth around $10.1 million. Prosecutors have recommended a 63-month prison sentence, with the final sentencing scheduled for May 12, 2026.