According to ChainCatcher, citing The Block, the U.S. District Court for the Southern District of New York recently sentenced Eugene William Austin Jr. (also known as Hugh Austin), a Long Island resident, to 18 years in prison for charges including conspiracy to commit wire fraud, money laundering, and interstate transportation of stolen goods.
The court found that Austin, together with his son Brandon Austin, conspired to defraud victims by falsely promising large cryptocurrency transactions, short-term high-return investments, and introducing high-net-worth investors to startups, while actually using the funds for personal luxury consumption.
Brandon Austin pleaded guilty in 2023 and was sentenced to 4 years in prison. Together, they caused over 20 victims to suffer losses exceeding $10 million. Eugene Austin's sentencing date is set for February 20, 2025, and he could face up to 45 years in prison.
