Crypto Conman Hugh Austin Slammed with 18-Year Sentence for $12M Scam

Eugene William Austin Jr., aka "Hugh Austin," just got hit with a whopping 18-year prison sentence for masterminding a years-long scam that ripped off over two dozen victims to the tune of $12 million.

His son, Brandon Austin, wasn't off the hook either—he was already locked up for four years in connection with this fraud, according to the Justice Department.

U.S. Attorney Jay Clayton spilled the beans on Austin’s operation, saying it zeroed in on entrepreneurs and investors with bogus cryptocurrency deals, fly-by-night investment opportunities, and fake brokerage services.

Austin also dangled the carrot of funding from supposed rich backers, but guess what? Not a dime ever showed up.

Victims were duped into thinking their cash was being invested, but in reality, it was splurged on luxury hotels, flights, and fancy restaurants.

Conviction and sentencing

A federal jury nailed Austin back in September 2024 on charges of conspiracy to commit wire fraud, money laundering, and transporting stolen property across state lines.

U.S. District Judge P. Kevin Castel dropped the hammer with these sentences.

Austin, a 62-year-old from Port Jefferson, New York, was also slapped with three years of supervised release, ordered to cough up more than $6 million in forfeiture, and fork over over $12.6 million in restitution.

“This Office will keep hunting down those who exploit trust and use cryptocurrency to cloak their fraud,” Clayton declared, giving props to Homeland Security Investigations and the Complex Frauds and Cybercrime Unit for their hard work.

The case was prosecuted by Assistant U.S. Attorneys Olga Zverovich, Matthew Weinberg, and Andrew Chan.