• Father and son, Brandon Austin and Eugene “Hugh” Austin, have been accused of orchestrating a $10M crypto scam.
• The duo allegedly conned investors by promising great returns when buying cryptocurrencies through them.
• They are facing up to 20 years in jail for embezzling the funds and using it for their own lavish lifestyle.
Father & Son Accused of Crypto Scam
The American authorities have reportedly arrested Brandon Austin and his father, Eugene “Hugh” Austin, over accusations that they run a massive crypto fraud, embezzling over $10 million from investors. Brandon, who has already pleaded guilty, will hear his sentence on September 6.
Victimizing Investors Out of Millions
According to recent coverage , federal agents detained the 27-year-old Brandon Austin in April and his dad on July 5. US Attorney Damian Williams said the duo “victimized both sophisticated and novice cryptocurrency investors alike out of millions.” Specifically, the family encouraged people to purchase cryptocurrencies through them by promising great returns. However, they swindled every cent and used the money for their own benefit.
Funds Used for Lavish Lifestyle
The officials claimed the wrongdoers stayed in posh hotels, bought luxurious cars, and visited expensive restaurants. They also gifted funds to their loved ones via wire transfers. Brandon sent $50,000 to the mother of his children and $32,000 to his girlfriend, while Hugh handed $10,000 to his dad and lover. Additionally they organized glamorous trips to New York City Miami Europe inviting investors as special guests who would later understand that those parties were thrown with stolen money from their pockets..
Facing Up To 20 Years In Jail
Since both men have been accused of orchestrating a large-scale crypto scam that costed investors more than 10 million dollars they face up to 20 years in prison if found guilty.. Brandon has already pleaded guilty so he will hear his sentence on September 6..
Conclusion
At this stage it is unclear what exactly happened but it appears that these two individuals took advantage of unsuspecting cryptocurrency investors for their own personal gain which will likely result in them spending time behind bars..