US Jails Man in $97m Oil Investment Scam Linked to Nigerian-Controlled Crypto Accounts Read more:

 A U.S. federal court has sentenced a Washington state man for his role in laundering nearly $97.1 million linked to a fraudulent oil and gas investment scheme that routed funds through cryptocurrency accounts controlled by individuals in Nigeria and Russia.

According to the U.S. Department of Justice and IRS Criminal Investigation:

  • The convicted man, Geoffrey K. Auyeung, 47, of Newcastle, Washington, received a five-year prison sentence after pleading guilty to conspiracy to commit money laundering.
  • Between June 2022 and July 2024, he created multiple shell companies and opened 81 bank accounts and 19 cryptocurrency exchange accounts to receive money from victims who believed they were investing in oil and gas storage projects.
  • Investigators said the accounts processed about $97.1 million, with at least $24.7 million directly traced to identified victims. Authorities believe much of the remaining money also came from fraud.
  • The funds were converted into cryptocurrencies including Bitcoin, Ethereum, Tether, and USD Coin, then transferred to Binance wallets controlled by individuals located in Nigeria and Russia, according to court documents.
  • Auyeung admitted earning more than $4 million in commissions for laundering the proceeds.

U.S. authorities have also sought to seize $7.1 million in cryptocurrency linked to the scheme, with the intention of returning recovered funds to victims. Investigators stressed that the reference to Nigeria concerns the location of certain cryptocurrency accounts and alleged co-conspirators; it does not imply involvement by Nigeria as a state or by Nigerians generally. 

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