Geoffrey K. Auyeung, a Newcastle resident, faces nine counts of money laundering tied to a large-scale investment scam that defrauded victims of over $7. 7 million. The indictment follows an investigation by Homeland Security Investigations, which uncovered $64 million in funds funneled through 74 bank accounts managed by Auyeung. The alleged scheme involved convincing victims to invest in oil tank storage, promising high returns by renting out the facilities in Rotterdam, Netherlands, or Houston.

However, once the victims sent their money, they received no updates or responses, leading to a complete breakdown of communication. The accused is said to have utilized multiple business names to mask the fraudulent activities, including Sea Forest International LLC and Apex Oil and Gas Trading LLC. The investigation suggests that there may be many more victims beyond the 22 already confirmed. With the arraignment set for September 5, this case underscores the ongoing challenges posed by financial fraud in the region. The implications of this indictment resonate deeply within the local community, raising awareness about investment scams and the importance of due diligence.