Eugene William Austin Jr., 62, of Port Jefferson, New York, was sentenced to 18 years in prison. He led a complex, multi-year scheme that defrauded more than two dozen victims of almost $12 million. Nicky Austin was sentenced today by U.S. District Judge P. Kevin Castel.
In September 2024, a federal jury indeed convicted Austin. At one point, he was under serious felony charges that included conspiracy to commit wire fraud, money laundering and transporting interstate stolen property. In addition to his prison sentence, Austin will be required to serve three years of supervised release. In addition, he must forfeit in excess of $6 million and pay more than $12.6 million in restitution.
Austin’s operation specifically targeted small business owners and investors, luring them in with fraudulent cryptocurrency investments, quick-return investment schemes, and sham brokerage services. All of these aforementioned scams resulted in millions of dollars lost from the victims.
His son, Brandon Austin, had been sentenced earlier to four years for his role in the same fraud. Assistant U.S. Attorneys Olga Zverovich, Matthew Weinberg, and Andrew Chan prosecuted the case against Eugene William Austin Jr. Their tireless work made all the difference in making the case.
"This Office will continue to pursue those who exploit trust and use cryptocurrency as a cover for fraud," - Clayton
