BlockBeats news, on September 27, Damian Williams, the U.S. Attorney for the Southern District of New York, announced on September 26 that Eugene William Austin Jr. (also known as “Hugh Austin”) was charged with participating in wire fraud, money laundering, and interstate transportation of stolen property. was found guilty of three counts of conspiracy. Austin and his son Brandon Austin jointly defrauded multiple victims across the United States, causing millions of dollars in losses.

Austin’s criminal conduct included impersonating a large-volume cryptocurrency sales broker, making short-term cryptocurrency investments promising high returns, and seeking out high-net-worth investors for startups. They used the proceeds from the fraud for personal expenses such as luxury hotels, restaurants and shopping. One of the cases involved a $5 million cryptocurrency scam. Austin will be sentenced on February 20, 2025 and faces up to 45 years in prison. His son Brandon had previously pleaded guilty and was sentenced to 4 years in prison.

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