New York man joins son in jail after alleged crypto fraud plot
A New York man has been arrested for allegedly orchestrating a multimillion-dollar cryptocurrency fraud and money laundering scheme just months after his son was arrested for his role in the same plot. Sixty-year-old Eugene William Austin, JR. — known as Hugh Austin — was arrested on July 5, charged with one count each of conspiracy to commit interstate transportation of stolen property, conspiracy to commit money laundering, and conspiracy to commit wire fraud, the Department of Justice (DoJ) announced on Wednesday. His son, Brandon P. A US tin, was arrested and pleaded guilty to money laundering on April 13 as part of the duo’s scheme. It’s alleged that the pair took out loans with no intention of paying them back, offered marketing services without carrying them out, and acted as crypto brokers while pocketing investors’ cash. It’s also claimed they spent $10 million in stolen funds on lavish hotels and personal expenses . Read more: How wire fraud...