Crypto Scammer Hugh Austin Sentenced to 18 Years for $12M Fraud Scheme
Eugene William Austin Jr., also known as “Hugh Austin,” has been sentenced to 18 years in federal prison for orchestrating a cryptocurrency scam that conned investors out of more than $12 million. The Justice Department this week confirmed the sentencing, with Austin, 62, operating the scheme for several years and conning more than two dozen victims.
Bogus Crypto Offers and Pretended Promises
U.S. Attorney Jay Clayton accuses Austin of deceiving entrepreneurs and investors into sham businesses. He provided fake cryptocurrency investments, short-term trading, and pretended brokerage services. Some thought their funds were being invested effectively, but they were used for Austin’s excessive personal expenditures—from high-end hotels to fine restaurants and air travel.
To further the deception, Austin feigned having wealthy financial supporters who never materialized. This fictional support helped build the aura of legitimacy, and additional victims parted with their funds.
Conviction and Sentencing Details
Austin was found guilty in September 2024 by a federal jury of conspiracy to commit wire fraud, money laundering, and interstate transportation of stolen property. Austin was sentenced by U.S. District Judge P. Kevin Castel to 18 years in prison, followed by three years of supervised release. Austin also had to forfeit more than $6 million and pay more than $12.6 million in restitution to victims.
“This Office will continue to pursue those who exploit trust and use cryptocurrency as a veil for fraud,” Clayton said, commending Homeland Security Investigations and the DOJ’s Complex Frauds and Cybercrime Unit.
Co-Conspirator Brandon Austin Sentenced
Brandon Austin, Hugh’s son, was already sentenced to four years in prison for his role in the scheme. His actions helped further the scam, prosecutors stated.
Assistant United States Attorneys Olga Zverovich, Matthew Weinberg, and Andrew Chan prosecuted the case.
