According to a report from 深潮 TechFlow on April 24, the U.S. Department of Justice disclosed that Long Island resident Eugene William Austin Jr. has been sentenced to 18 years in prison for running a $12 million Crypto Assets fraud scheme. The 62-year-old defendant conspired with his son Brandon to impersonate a high-value Crypto Assets trading broker, defrauding entrepreneurs and investors.
According to reports, the father and son also used promises of high returns as bait to promote short-term Crypto Assets investment projects. This case involves more than 24 victims, most of whom are friends or acquaintances of the two. Their son Brandon has previously been sentenced to 4 years in prison.
The two used the proceeds from the scam for extravagant expenses such as luxury hotels, restaurants, and shopping. Austin had a 2022 Jaguar E-Pace P250 SUV confiscated at the time of his arrest.
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