TechFlow news, on April 24, according to the U.S. Department of Justice, Long Island resident Eugene William Austin Jr. was sentenced to 18 years in prison for carrying out a $12 million cryptocurrency fraud scheme. The 62-year-old defendant conspired with his son Brandon to pose as large-scale cryptocurrency trading brokers and defrauded entrepreneurs and investors.
According to reports, the father and son also lured victims by promoting short-term cryptocurrency investment programs promising high returns. The case involved more than 24 victims, mostly friends or acquaintances of the two. His son Brandon previously received a four-year prison sentence.
The pair spent the fraud proceeds on lavish hotels, restaurants, shopping, and other extravagant expenses. At the time of his arrest, Austin had a 2022 Jaguar E-Pace P250 SUV seized.
