US Jails Man in $97m Oil Investment Scam Linked to Nigerian-Controlled Crypto Accounts
- Geoffrey Auyeung received a federal prison sentence on June 9, 2026, after pleading guilty to conspiracy to commit money laundering
- Auyeung opened 81 bank accounts across 24 financial institutions and funnelled fraud proceeds to Binance accounts controlled by individuals in Nigeria and Russia
- A US federal judge gave the sentence of the man now at the centre of an international investment and cryptocurrency money laundering scheme
Legit.ng journalist Ridwan Adeola Yusuf has over 5 years of experience covering economic matters across the globe.
Seattle, United States - Individuals based in Nigeria and Russia controlled Binance cryptocurrency accounts that received funds from a $97.1 million international investment fraud, according to United States (US) authorities.
Legit.ng reports that Geoffrey Auyeung, of Washington, has now been sentenced to five years in federal prison for his role in the scheme.
Source: Twitter
Auyeung, 47, pleaded guilty in February to conspiracy to commit money laundering and was sentenced on Tuesday, June 9, 2026, by US District Judge John Coughenour.
Prosecutors said Auyeung helped funnel millions of dollars from victims into bank accounts and cryptocurrency wallets, with much of the digital assets ultimately transferred to Binance accounts allegedly controlled by individuals in Nigeria and Russia.
He was also ordered to forfeit $10 million, according to the official website of the US Immigration and Customs Enforcement.
How did the oil investment scheme work?
Between June 2022 and July 2024, Auyeung and his co-conspirators convinced victims that they were investing in oil depots in Rotterdam, Netherlands, or Houston, Texas, with promises that significant profits could be earned by leasing the storage capacity to third parties.
Auyeung established at least nine separate entities to receive funds from investors who believed they were placing money into legitimate escrow accounts. Those accounts collected $97.1 million in domestic and international wire transfers and other deposits.
Once money entered accounts under Auyeung's control, it was rapidly redistributed into other accounts, moved offshore, or converted into cryptocurrency.
He maintained at least 81 bank accounts at 24 financial institutions and 19 accounts across eight different cryptocurrency exchanges.
Much of the cryptocurrency was subsequently transferred to Binance accounts controlled by individuals based in Russia and Nigeria.
Victims received no follow-up on their investments and were eventually met with complete silence.
Why did Auyeung keep offending?
What distinguished the case was Auyeung's conduct after his arrest. First Assistant US Attorney Neil Floyd noted that for 16 months following his indictment, Auyeung secretly maintained contact with co-conspirators and directed further deposits through bank accounts registered in his wife's name, collecting an additional $400,000 in commissions.
Over the full period of the scheme, his total commission earnings reportedly reached at least $4,078,348.
Judge Coughenour remarked that Auyeung "had every reason to know there was something wrong here," adding that he continued taking money even after being indicted.
Floyd described him as showing "utter disrespect for the law."
Source: Twitter
Acting HSI Seattle Special Agent in Charge April Miller said the case in the US demonstrated that financial crimes carry serious real-world consequences.
She said:
"Mr. Auyeung took advantage of investors who thought they were investing in the oil and gas industry, not just Americans, but people all around the world."
One victim travelled from the United Kingdom (UK) specifically to address Auyeung at sentencing.
The victim told Auyeung directly:
"You caused a lot of pain."
US trial: What assets will Auyeung forfeit?
Auyeung will surrender approximately $2.3 million in seized funds, an Audi SQ8, and roughly $7.1 million from cryptocurrency wallets as part of the forfeiture agreement.
The convict will also forfeit about $300,000 currently held in his bank accounts toward restitution.
See an X post highlighting Auyeung's case in the US below:
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Source: Legit.ng
