Cryptocurrency Fraudster Sentenced to 18 Years for $12 Million Scam
Eugene William Austin Jr., alias “Hugh Austin,” received an 18-year prison sentence for orchestrating a massive cryptocurrency fraud. The scheme swindled over two dozen victims out of $12 million.
His son, Brandon Austin, was earlier given a four-year sentence for his involvement. The U.S. Attorney,Jay Clayton,explained that austin’s operation targeted entrepreneurs and investors with fake crypto deals and short-term investments.
Victims were promised funding from wealthy backers, but these were lies. Their money was used for personal luxuries like hotels and flights.
A federal jury convicted Austin in September 2024 on charges including wire fraud and money laundering. Judge P. Kevin Castel handed down the sentence.
austin, 62, from Port jefferson, New York, must also serve three years of supervised release, forfeit over $6 million, and pay $12.6 million in restitution.
Clayton vowed to pursue those who exploit trust and use crypto as a fraud cover. The case was prosecuted by Assistant U.S. Attorneys Olga Zverovich, Matthew Weinberg, and Andrew Chan.
