New York Long Island man sentenced to 18 years in prison for $12 million cryptocurrency scam

Odaily News The United States 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 on 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-scale cryptocurrency transactions, short-term high-return investments, and the introduction of high-net-worth investors to start-ups, but in fact defrauded funds for personal luxury consumption. Brandon Austin pleaded guilty in 2023 and was sentenced to four years in prison. The two caused a total loss of more than $10 million to more than 20 victims. Eugene Austin's sentencing date is scheduled for February 20, 2025, and he could face up to 45 years in prison. (The Block)