Crypto Fraudster Sentenced to 18 Years for $12M Scam
Eugene William Austin Jr., also known as Hugh Austin, has been sentenced to 18 years in federal prison and three years of supervised release for orchestrating a $12 million cryptocurrency scam alongside his son.
The 62-year-old, operating out of Long Island, posed as a crypto broker offering fake high-yield investment opportunities. Along with his son Brandon, Austin duped more than two dozen victims, including friends and family, into handing over millions in digital assets with promises of passive income and marketing services.
Lavish Spending, Not Investment
According to the U.S. Department of Justice, the Austins received $5 million in one deal and $4 million in another, but instead of generating returns, they funneled the money into luxury expenses — including five-star hotels.
“Austin involved his own son in his crimes, working with him to rip off victims and spending investor money on personal expenses,” said U.S. Attorney Jay Clayton, calling out the severity of the scheme.
The sentencing underscores the government’s push to crack down on crypto-related fraud, especially as digital asset scams become more sophisticated and personal.
Kosta Gushterov
Reporter at Coindoo
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