A Newcastle resident is facing charges for allegedly operating a multi-million dollar laundering scheme, according to a recent indictment from a federal grand jury. Geoffrey K. Auyeung, 46, was arrested on August 12 on charges related to conspiracy and money laundering, according to an announcement by U.S. Attorney Tessa M. Gorman. Auyeung's arraignment is set for September 5.
Investigators from Homeland Security Investigations (HSI) have tracked approximately $64 million across 74 different bank accounts linked to Auyeung. Some of the implicated accounts associated with purported oil and gas investment businesses included names like Sea Forest International LLC and Apex Oil and Gas Trading LLC. Documents indicate the scheme operated from August 2022 to August 2024, with victims enticed to invest in what they believed were rental opportunities for oil tank storage in Rotterdam and Houston. Rather than seeing profits, the funds were reportedly moved into other accounts, shifted offshore, or exchanged for various cryptocurrencies, as outlined by the U.S. Department of Justice.
The indictment reveals a forfeiture action against $2.3 million from Auyeung’s bank accounts and the ongoing seizure of additional amounts in cryptocurrency. To date, enforcement has identified 22 victims, combined for losses of $7.7 million, with the anticipation of more individuals coming forward. Charges for money laundering concealment could lead to 20 years imprisonment, while money laundering spending may result in up to 10 years.
It is important to underscore that the charges within the indictment are merely accusations. Auyeung's legal presumption of innocence stands firm until any evidence brought forward in court proves otherwise. HSI continues its investigation while Assistant United States Attorneys Jehiel Baer and Yunah Chung prosecute the case.
