DOJ Seeks to Return Millions in Crypto to Alleged Victims of $97M Oil and Gas Scheme

In brief

  • A man has been indicted in an alleged cross-border fraud scheme.
  • Authorities traced and seized $7.1 million in crypto, with assets moving through U.S. banks, offshore accounts, and at least 19 wallets.
  • DOJ officials say blockchain tracing helped recover funds and identify connections to exchanges abroad.

A Washington State man has been indicted for allegedly laundering proceeds from a fraudulent oil and gas investment scheme, as federal prosecutors move to recover $7.1 million in crypto for victims.

Geoffrey Auyeung of Newcastle faces charges for allegedly conspiring to launder funds from what authorities say was a $97 million fraud that promised investors profits from leasing oil tank storage in Houston and Rotterdam. 

Victims…

Source link