Long Island man convicted of involvement in multi million dollar cryptocurrency related crime

BlockBeats News: On September 27th, Damian Williams, the United States Attorney for the Southern District of New York, announced on September 26th that Eugene William Austin Jr. (also known as "Hugh Austin") was found guilty of three counts of conspiracy to participate in telecommunications fraud, money laundering, and cross state transportation of stolen property. Austin and his son Brandon Austin jointly deceived multiple victims across the United States, causing millions of dollars in losses. Austin's criminal activities include impersonating a large cryptocurrency sales broker, promising high returns for short-term cryptocurrency investments, and seeking high net worth investors for startups. They use the proceeds of fraud for personal expenses such as luxury hotels, restaurants, and shopping. One of the cases involved a $5 million cryptocurrency fraud. Austin will be sentenced on February 20, 2025, facing a maximum of 45 years in prison. His son Brandon had previously pleaded guilty and was sentenced to 4 years in prison.