Newcastle man sentenced to 5 years for $100M oil investment, money laundering scheme

Newcastle man sentenced to 5 years for $100M oil investment, money laundering scheme

A 47-year-old Newcastle man is heading to federal prison for five years after pleading guilty to conspiracy to commit money laundering in a sweeping international oil and gas investment fraud scheme. The U.S. Attorney’s Office said Geoffrey Auyeung set up dozens of bank accounts to funnel money from victims who believed they were investing in overseas oil and gas storage. “Nearly $100 million in fraud proceeds passed through bank accounts he set…