Reuters
A father joined his son this month in being arrested for a massive crypto scam that saw them combine to swindle more than $10 million from investors—using the money to fund a lavish lifestyle filled with posh hotels, fine dining and luxury cars, federal authorities announced Wednesday.
Brandon Austin, who was arrested in April, and his dad Eugene “Hugh” Austin Jr., arrested July 5, are accused of soliciting massive cryptocurrency investments they never intended to pay back in full. Now, the two men face up 20 years behind bars on money laundering and wire fraud charges.
Brandon, 27, has already pleaded guilty for his part in the scheme, agreeing to pay $2 million in restitution and to forfeit $3.4 million—plus a 2022 E-Pace P250 Jaguar to authorities.