US seeks to recover $7.1 million in crypto tied to oil and gas fraud scheme
Quick Take
- Prosecutors said the money was moved to 81 different accounts, taken offshore, or moved to 19 crypto accounts where bitcoin, USDT, USDC and Ethereum and other assets were bought.
- Geoffrey K. Auyeung, 47, who was allegedly behind the scheme, was indicted in 2024 on a slew of money laundering charges.
U.S. prosecutors are seeking $7.1 million worth of cryptocurrency tied to an oil and gas investment scam.
The U.S. Attorney's Office for the Western District of Washington filed a civil action on Tuesday to get those funds.
“The co-schemers in this fraud moved their ill-gotten gain through various cryptocurrency accounts to try to launder the money stolen from victims,” said acting U.S. Attorney Miller in the statement. “Federal investigators and prosecutors in our office moved as quickly as possible to trace and seize the cryptocurrency so that some of the losses can be returned to victims.”
Geoffrey K. Auyeung, 47, who was allegedly behind the scheme, was indicted in 2024 on a slew of money laundering charges. Prosecutors say he and others persuaded victims to send money to "what was represented as escrow accounts to purchase oil tank storage in either Rotterdam, Netherlands, or Houston," promising profits through renting out the oil tank storage.
Instead, prosecutors said the money was moved to 81 different accounts, taken offshore or moved to 19 crypto accounts where bitcoin, USDT, USDC, ETH, and other assets were bought.
About $2.3 million were seized from Auyeung's bank accounts when he was arrested, prosecutors said.
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