Crypto fraudster Hugh Austin sentenced to 18 Years for $12m scam

Eugene William Austin Jr., also known as Hugh Austin, has been sentenced to 18 years in prison for orchestrating a $12 million cryptocurrency fraud scheme. Operating with his son, Brandon Austin, who received a four year sentence, they deceived over two dozen victims by posing as brokers for large crypto transactions and promising high-yield investments.

Instead of investing the funds, they spent the money on personal luxuries such as luxury hotels, restaurants, and shopping. The scheme also involved false promises of funding from wealthy backers, none of which materialized. In addition to his prison term, Austin was ordered to forfeit over $6 million and pay restitution totaling more than $12 million.