A Long Island man in the U.S. has been convicted for his involvement in cryptocurrency-related crimes worth millions of dollars

ChainCatcher News: U.S. Attorney for the Southern District of New York, Damian Williams, announced on September 26 that Eugene William Austin Jr. (also known as "Hugh Austin") was found guilty on three counts for his involvement in a conspiracy of telecommunications fraud, money laundering, and interstate transportation of stolen property. Austin and his son, Brandon Austin, deceived numerous victims across the United States, resulting in millions of dollars in losses.

Austin's criminal activities included impersonating a high-value cryptocurrency sales broker, promising high returns on short-term cryptocurrency investments, and seeking high-net-worth investors for startups. They used the proceeds from the scams for personal expenses, such as luxury hotels, restaurants, and shopping. One case involved a $5 million cryptocurrency scam. Austin is scheduled to be sentenced on February 20, 2025, and faces a maximum of 45 years in prison. His son Brandon had previously pleaded guilty and was sentenced to 4 years in prison.