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Prosecutors said a Long Island man and his son deceived family and friends with a crypto scheme.
The duo defrauded investors of $12 million, according to federal prosecutors.

Eugene William Austin Jr., also known as Hugh Austin, was sentenced to 18 years in prison and three years of supervised release for orchestrating a tag-team cryptocurrency investment scam that defrauded more than two dozen victims of $12 million.

Austin, 62, and his son Brandon posed as crypto brokers offering high-yield investment opportunities in Long Island. The father-son duo convinced family, friends, and other investors to hand over millions in digital assets, promising passive income on crypto purchases and marketing services.

According to the U.S. Department of Justice, the Austins received approximately $5 million in one deal and $4 million in another. Prosecutors said the funds were used to finance a lavish lifestyle rather than generate returns.

“Austin involved his own son in his crimes, working with him to rip off victims and spending investor money on personal expenses, like luxury hotels,” U.S. Attorney Jay Clayton said, commenting on the court’s decision.

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In September, a jury found Austin guilty on three conspiracy counts related to wire fraud, money laundering, and interstate transportation of stolen property.

On Wednesday, U.S. District Judge P. Kevin Castel handed down the sentence and ordered Austin to pay $12.66 million in restitution. He must also forfeit more than $6 million and a 2022 Jaguar SUV seized at the time of his arrest.

Brandon Austin was previously sentenced to four years in prison by the same judge.