Crypto fraudster Hugh Austin sentenced to 18 Years for $12m scam
Eugene William Austin Jr., also known as “Hugh Austin,” was sentenced to 18 years in prison for leading a multi-year scheme that defrauded more than two dozen victims out of $12 million.
His son, Brandon Austin, was previously sentenced to four years in connection with the fraud, according to the Justice department.
According to U.S. Attorney Jay Clayton, Austin’s operation targeted entrepreneurs and investors by offering fake cryptocurrency deals, short-term investment opportunities, and phony brokerage services.
He also promised funding from supposed wealthy backers, none of which materialized.
Victims were misled into believing their money was being invested, but the funds were used for…
