The U.S. Attorney for the Southern District of New York announced the arrest of Hugh Austin for allegedly defrauding investors by offering a variety of fraudulent cryptocurrency-related investment services, including the sale of millions of dollars in cryptocurrencies, marketing and advertising services, and short-term investments and loans and other victims' money. Additionally, the judge announced the guilty plea of Hugh Austin's son, Brandon Austin, who pleaded guilty on April 13, 2023, to a money laundering conspiracy with his father to engage in financial transactions with intent to conceal proceeds of fraud. Hugh Austin and his son Brandon Austin allegedly caused more than $10 million in damages to more than 20 victims.