Hugh Austin, a crypto fraudster behind a crypto rip-off who allegedly concerned his personal son in a $12 million laundering scheme, has been sentenced to almost 20 years in jail for orchestrating the affair.
$12 Million In Investor Funds Drained In Scheme
Based on an April 23 press launch from the U.S. Lawyer’s Workplace, Austin and his son Brandon fraudulently operated as crypto brokers for big sums of digital belongings in a crypto rip-off and made short-term crypto investments in hopes of securing excessive returns for entrepreneurs and traders.
Father-Son Duo Implicated in $12M #Crypto Scheme, Lengthy Island Man Sentenced to 18 Years !
Eugene William Austin Jr., aka Hugh Austin, has been sentenced to 18 years in jail for main a $12 million crypto rip-off together with his son, Brandon, defrauding over two dozen victims.… pic.twitter.com/k4OBUJrekM— Altcoin Alerts (@Altcoin_Alerts) April 24, 2025
The daddy-son duo, who typically requested loans from pals and associates whereas vowing to return them with curiosity, additionally regarded for high-net-worth folks to offer investments for small companies and startups.
In actuality, the Austins allegedly misappropriated investor funds of their crypto rip-off, spending on luxurious motels, flights, eating places and extra whereas making “nominal funds to victims to extend the scheme.”
“For years, Hugh Austin was the chief of a fraud and cash laundering scheme that stole greater than $12 million from greater than two dozen victims,” mentioned Jay Clayton, United States Lawyer for the Southern District of New York.
“Austin concerned his personal son in his crimes, working with him to tear off victims and spending investor cash on private bills, like luxurious motels,” he added. “Because of the work of the profession prosecutors of this Workplace and our legislation enforcement companions, Austin will now be held accountable for the hurt he prompted to particular person traders and others.”
Father-Son Duo Will get Jail Time
Along with jail time, the elder Austin has been sentenced to 3 years of supervised launch and pay to over $18 million in restitution and forfeiture.
Brandon Austin was beforehand sentenced to 4 years behind bars for his position within the digital asset scheme.
Brandon is at present serving his sentence at Lewisburg Federal Correctional Establishment, whereas Hugh Austin is anticipated to hold out the rest of his sentence at Brooklyn Metropolitan Detention Heart.
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