Long Island man and his son conspired to commit cryptocurrency fraud, involving a total amount of $12 million

According to Golden Finance, the Federal Court for the Southern District of New York recently sentenced Long Island resident Eugene William Austin Jr. (also known as Hugh Austin) to 18 years in prison on charges including conspiracy to commit wire fraud, money laundering, and transporting stolen goods across states. The court found that Austin conspired with his son Brandon Austin to provide victims with false promises of large cryptocurrency transactions, short-term high return investments, and introducing high net worth investors to startups, in order to fraudulently obtain funds for personal luxury consumption. Brandon Austin pleaded guilty in 2023 and was sentenced to 4 years in prison. The two individuals caused over 20 victims and accumulated losses exceeding 10 million US dollars. Eugene Austin's sentencing date is set for February 20, 2025, and he could face up to 45 years in prison.