Long Islander Man To Be Detained for 18 Ages for$ 12 Million Father-and-Son Crypto Fraud

Eugene William Austin Jr., a resident of Long Island, was given an 18-year prison sentence for his involvement in a$ 12 million crypto fraud scheme.

Following a jury trial, Austin, who also went by the name” Hugh Austin,” was found guilty of conspiracy to commit wire fraud, money laundering, and conspiracy to commit interstate transportation of stolen house in September 2024.

The 62-year-old posed as a seller for the sale of large amounts of bitcoin in order to defraud business owners and investors in conjunction with his son Brandon. One of these fake crypto transactions, according to a document from the Department of Justice ( DOJ), was valued at as much as$ 5 million, with many others being in the$ 500,000 range.

The father-and-son group also made short-term blockchain investments with high-earning claims and that they may secure financing for startups and small companies through a network of wealthy individuals.

More than 24 victims are alleged to have been the victims of the program, many of whom are alleged to be pair friends or acquaintances. In addition to the 18-year word, Austin was ordered to renounce$ 6, 062, 564 and pay compensation totaling$ 12, 662, 564. Additionally, he received a three-year controlled release sentence.

Brandon, Austin’s boy, had recently received a four-year prison sentence for his involvement in the scheme.

To extend the scheme, the scammers used their fraudulent gains to fund luxurious lifestyles like lavish hotels, restaurants, shopping, transfers of funds to relatives, and minimum payments to victims. At the time of his imprisonment, Austin was forced to renounce a luxurious 2022 E-Pace P250 Jaguar SUV.

Long Island swindlers&nbsp,

Austin’s acts are not at all similar to the largest crypto fraud activity to come out of Long Island in recent years despite its common characteristics.

Eddy Alexandre was given a nine-year prison sentence in 2022 for his involvement in a$ 248,00 crypto pyramid structure.

Over 25, 000 investors, many of whom were from Long Island’s Creole group, were duped by Alexandre into purchasing a allegedly fraudulent cryptocurrency and foreign exchange trading software called EminiFX, which offered inflated returns of 5 %.