Ex-SEC chair, now heading SDNY, offers rebuke in $12M crypto fraud case
Jay Clayton, the interim US Attorney for the Southern District of New York, has begun addressing criminal cases related to crypto fraud. Eugene William Austin, also known as Hugh Austin, received an 18-year prison sentence for conspiracy to commit wire fraud, money laundering, and interstate transportation of stolen property. Austin and his son, Brandon, who was sentenced to four years, defrauded over 24 victims, resulting in approximately $12 million in losses through fraudulent crypto investment services. Clayton emphasized Austin's leadership in the scheme and his involvement of his son in the crimes. Clayton's appointment allows him to serve for 120 days without Senate confirmation, amid political tensions as Senate Minority Leader Chuck Schumer blocked a vote on his nomination. Clayton is expected to oversee significant cases, including the sentencing of former Celsius CEO Alex Mashinsky.
