Eugene William Austin Jr. (also known as Hugh Austin) was sentenced to 18 years in prison and three years of supervised release for orchestrating a cryptocurrency investment scam involving his son. The scam defrauded more than 20 victims out of approximately 12 million USD. The Austin father and son impersonated cryptocurrency brokers on Long Island, promising high-return investment opportunities to family, friends, and other investors, thereby defrauding digital assets. The U.S. Department of Justice stated that the proceeds from the scam were used for a lavish lifestyle rather than investment returns. Austin was convicted on three counts of conspiracy, including wire fraud, money laundering, and interstate transportation of stolen property. The judge ordered Austin to pay 12.66 million USD in restitution and forfeited over 6 million USD and a 2022 Jaguar SUV. His son, Brandon Austin, has been sentenced to four years in prison.

Eugene William Austin Jr., also known as Hugh Austin, was sentenced to 18 years in prison and three years of supervised release for orchestrating a tag-team cryptocurrency investment scam that defrauded more than two dozen victims of $12 million.Austin, 62, and his son Brandon posed as crypto brokers offering high-yield investment opportunities in Long Island. The father-son duo convinced family, friends, and other investors to hand over millions in digital assets, promising passive income on crypto purchases and marketing services.According to the U.S. Department of Justice, the Austins received approximately $5 million in one deal and $4 million in another. Prosecutors said the funds were used to finance a lavish lifestyle rather than generate returns.“Austin involved his own son in his crimes, working with him to rip off victims and spending investor money on personal expenses, like luxury hotels,” U.S. Attorney Jay Clayton said, commenting on the court’s decision.In September, a jury found Austin guilty on three conspiracy counts related to wire fraud, money laundering, and interstate transportation of stolen property.On Wednesday, U.S. District Judge P. Kevin Castel handed down the sentence and ordered Austin to pay $12.66 million in restitution. He must also forfeit more than $6 million and a 2022 Jaguar SUV seized at the time of his arrest.Brandon Austin was previously sentenced to four years in prison by the same judge.

Long Island Man Sentenced to 18 Years in Prison for Involvement in $12 Million Cryptocurrency Fraud