A Long Island man and his son conspired in a Crypto Assets scam involving an amount of 12 million dollars.

CoinVoice has recently learned that, according to The Block, the U.S. District Court for the Southern District of New York has sentenced Long Island resident Eugene William Austin Jr. (also known as Hugh Austin) to 18 years in prison for charges including conspiracy to commit wire fraud, Money Laundering, and interstate transportation of stolen property.

The court found that Austin conspired with his son Brandon Austin to falsely promise victims large cryptocurrency trading, short-term high-return investments, and services to introduce high-net-worth investors to startups, while in fact defrauding funds for personal luxury consumption.

Brandon Austin pleaded guilty in 2023 and was sentenced to 4 years in prison. The two caused losses of over 10 million dollars to more than 20 victims. The sentencing date for Eugene Austin is set for February 20, 2025, where he faces a maximum of 45 years in prison.