Father-Son Duo Masterminded Gigantic Crypto Scam: Feds

This month a father and son teamed up for a massive crypto scam costing investors more than $10 million. This money allegedly funded a luxurious lifestyle with trips to exclusive hotels, peaceful dining experiences and new vehicles. Brandon Austin, arrested in April, and his father, Eugene “Hugh” Austin Jr., arrested July 5, are both facing money laundering and wire fraud charges. Brandon is facing up to 20 years in prison and pleaded guilty to paying $2 million in reparations plus the dispersal of a valued $62,000 E-Pace P250 Jaguar. Hugh might be entering a guilty plea; his trial commencing on the sixth of September.

Supposedly, the scammers assured their 20 investors that their investments were kept safe but were secretly pressuring them into a repertoire of lavish trips around Asia, the U.S., and Europe to keep them from speaking out. Investigators state the offenders funneled cryptocurrency and exchanged it into personal money transfers to members of their own families and romantic partners. Furthermore, some info included in the complaint declare Hugh investing in designer pieces and vehicles alongside Brandon creating frequent orders from Amazon and money disbursements for child care and phone bills.

This was all declared by Damian Williams, U.S. Attorney, in his press release: “Hugh and Brandon victimized sophisticated and novice cryptocurrency investors both, leading to the loss of millions of dollars. This cast embellished a ritzy lifestyle of holiday trips, daydream-worthy hotels and meals, depleting innocent investors of what was owing to them. Thanks to the tenacity and dedication of the teams in Homeland Security and this U.S. attorney office, Hugh is given a justifiable consequence to his actions and Brandon admitted guilt”.

Robert Wilson author
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