A dramatic chapter in crypto crime has closed as a father and son duo from Long Island are heading to prison for orchestrating a multimillion-dollar cryptocurrency scam that tricked dozens of unsuspecting victims.

💼 Lavish Lifestyle Funded by Lies

Eugene “Hugh” Austin Jr., 62, has been sentenced to 18 years in federal prison after defrauding more than $12 million from over 20 investors. His son, Brandon Austin, who worked alongside him, received a 4-year prison sentence.

The Austins promised sky-high returns through supposed investments in cryptocurrency and foreign exchange markets. But instead of investing the money, they used the funds to finance a luxurious lifestyle—shopping sprees, exotic vacations, and expensive hotels.

To sustain the illusion, they paid early investors with money from new ones, following the classic Ponzi scheme model.

🔍 $5 Million Here, $4 Million There…

The fraud was extensive. Prosecutors revealed the team raised $5 million in one fake deal and $4 million in another, all based on empty promises of exclusive access to high-net-worth investors.

They even targeted friends, acquaintances, and small businesses—many of whom trusted them based on personal connections.

⚖️ Restitution and Asset Seizures

In addition to prison time, Eugene Austin was ordered to repay $12.66 million in restitution. He also must forfeit over $6 million in assets, including a 2022 Jaguar SUV and real estate holdings.

🚨 Crackdown on Crypto Crime

U.S. Attorney Jay Clayton emphasized that Austin’s crimes were deliberate and damaging:

"Austin led a coordinated crypto fraud and involved his own son. Together, they stole millions and spent it on their personal luxuries."

This case is part of a growing trend. U.S. regulators and law enforcement agencies have been increasing efforts to crack down on crypto-related scams, especially as the number of victims continues to rise.

🔒 Final Verdict

As cryptocurrency continues to attract both innovation and exploitation, this sentencing stands as a clear message:

If you abuse investor trust, you will be held accountable.

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