Long Island Man Sentenced to 18 Years for $12M Father-and-Son Crypto Fraud
Eugene William Austin Jr. has been sentenced to 18 years in prison for his involvement in a $12 million cryptocurrency fraud scheme. Austin, also known as "Hugh Austin," was convicted of conspiracy to commit wire fraud, money laundering, and interstate transportation of stolen property. He and his son Brandon posed as brokers selling large quantities of cryptocurrency, defrauding over 24 victims, many of whom were acquaintances. The scheme included bogus deals worth up to $5 million and promises of high returns on short-term investments. Austin was ordered to forfeit over $6 million and pay restitution totaling approximately $12.7 million. He will also serve three years of supervised release. Brandon Austin received a four-year sentence for his role. The pair used the fraud proceeds to fund a lavish lifestyle.
