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Father and Son Arrested for Massive Crypto Scam, Using Stolen Funds for Lavish Lifestyle, Face Money Laundering and Wire Fraud Charges

Federal authorities announced on Wednesday that a father and son have been arrested for a massive crypto scam that saw them swindle more than $10 million from investors. Brandon Austin, who was arrested in April, and his father Eugene “Hugh” Austin Jr., arrested on July 5, are accused of soliciting massive cryptocurrency investments they never intended to pay back in full, using the money to fund a lavish lifestyle filled with posh hotels, fine dining, and luxury cars.

The two men now face up to 20 years behind bars on money laundering and wire fraud charges. Brandon 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.

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