Long Island man and his son conspired in cryptocurrency fraud, involving an amount of 12 million dollars

ChainCatcher news, according to The Block, the U.S. District 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 for charges including conspiracy to commit wire fraud, money laundering, and interstate transportation of stolen property.

The court found that Austin conspired with his son Brandon Austin to falsely promise victims large cryptocurrency transactions, short-term high-return investments, and services to introduce high-net-worth investors to startups, while actually defrauding them to fund personal luxury expenses.

Brandon Austin pleaded guilty in 2023 and was sentenced to 4 years in prison. The two caused over 20 victims to suffer cumulative losses exceeding $10 million. Eugene Austin's sentencing date is set for February 20, 2025, where he faces a maximum of 45 years in prison.