TechFlow News: On February 21, Geoffrey K. Auyeung, a 47-year-old resident of Newcastle, Washington, pleaded guilty in the U.S. District Court for the Western District of Washington in Seattle on February 20, 2026, to participating in a money laundering conspiracy. Auyeung established nine sham companies, using purported investments in the oil and gas industry as a front to defraud victims. He funneled approximately $97.1 million in fraud proceeds into 81 bank accounts and 19 cryptocurrency accounts under his control, then rapidly transferred the funds to accounts controlled by co-conspirators in Russia and Nigeria. Investigations revealed that Auyeung personally profited by at least $4.07 million. Under the plea agreement, he will pay $24.7 million in restitution and forfeit approximately $10.1 million in assets. Prosecutors recommended a 63-month prison sentence; the final sentencing will be announced on May 12, 2026.
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