Father-Son Crypto Scam Duo Jailed After Bleeding Investors of $12M
Hugh Austin, a crypto fraudster behind a crypto scam who allegedly involved his own son in a $12 million laundering scheme, has been sentenced to nearly two decades in prison for orchestrating the affair. $12 Million In...
Hugh Austin, a crypto fraudster behind a crypto scam who allegedly involved his own son in a $12 million laundering scheme, has been sentenced to nearly two decades in prison for orchestrating the affair.
$12 Million In Investor Funds Drained In SchemeAccording to an April 23 press release from the U.S. Attorney’s Office, Austin and his son Brandon fraudulently operated as crypto brokers for large sums of digital assets in a crypto scam and made short-term crypto investments in hopes of securing high returns for entrepreneurs and investors.
Father-Son Duo Implicated in $12M #Crypto Scheme, Long Island Man Sentenced to 18 Years !
Eugene William Austin Jr., aka Hugh Austin, has been sentenced to 18 years in prison for leading a $12 million crypto scam with his son, Brandon, defrauding over two dozen victims.… pic.twitter.com/k4OBUJrekM
The father-son duo, who often requested loans from friends and associates while vowing to return them with interest, also looked for high-net-worth people to provide investments for small businesses and startups.
In reality, the Austins allegedly misappropriated investor funds in their crypto scam, spending on luxury hotels, flights, restaurants and more while making “nominal payments to victims to prolong the scheme.”
“For years, Hugh Austin was the leader of a fraud and money laundering scheme that stole more than $12 million from more than two dozen victims,” said Jay Clayton, United States Attorney for the Southern District of New York.
“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,” he added. “Thanks to the work of the career prosecutors of this Office and our law enforcement partners, Austin will now be held accountable for the harm he caused to individual investors and others.”
Father-Son Duo Gets Jail TimeIn addition to prison time, the elder Austin has been sentenced to three years of supervised release and pay to over $18 million in restitution and forfeiture.
Brandon Austin was previously sentenced to four years behind bars for his role in the digital asset scheme.
Brandon is currently serving his sentence at Lewisburg Federal Correctional Institution, while Hugh Austin is expected to carry out the remainder of his sentence at Brooklyn Metropolitan Detention Center.
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