US Files Forfeiture For $7.1M In Crypto From Investment Scam
The US is seeking to forfeit $7.1 million in cryptocurrency seized by Homeland Security linked to a fraudulent oil and gas investment scheme. The scheme, which operated from June 2022 to July 2024, allegedly defrauded investors of $97 million. The fraudsters laundered money through cryptocurrency accounts held by individuals in Russia and Nigeria. Geoffrey Auyeung was indicted for facilitating money laundering and using stolen funds to purchase Bitcoin, Tether, USDC, and Ether, primarily sending them to Binance. Prosecutors identified victims defrauded of $17.9 million and anticipate more claims. If the forfeiture is approved, a total of $9.4 million would be available for distribution to victims. Recent regulatory actions include charges against promoters of OmegaPro for a $650 million fraud and sentencing of Shane Donovan Moore for a $900,000 Ponzi scheme.
