A man from Long Island has been sentenced to 18 years in prison after being convicted at trial of defrauding cryptocurrency investors and others of more than $12 million ⚠️💰⚠️
Austin was the leader of a scheme with his son Brandon and others to steal money from entrepreneurs, investors, and other victims by making fraudulent offers, among other things, to act as a broker for selling large amounts of cryptocurrency; providing short-term investments in cryptocurrency with purported high returns; and securing investors for startups and other small businesses from his network of high-net-worth individuals ⚠️
Austin also repeatedly sought personal loans from friends and acquaintances regarding his alleged cryptocurrency business and investments, falsely promising to repay loans to lenders with interest. In every case, investors and lenders lost their money. ⚠️
Austin and Brandon frequently spent investors' money on personal expenses, including airfare, luxury hotels, restaurants, and shopping, as well as making nominal payments to victims to prolong the scheme. In total, Austin and Brandon caused losses exceeding $12 million for more than twenty victims. ⚠️⚠️⚠️
