US Court Sentences TransLunar Founder to 37 Months for Hiding $7 Million in Income
Summary
- Crypto hedge fund TransLunar founder Justin Ryan Schmidt was sentenced to 37 months in prison on tax-evasion charges after concealing millions of dollars in income and assets.
- Schmidt reported annual income of less than $5,000 to tax authorities from 2020 to 2022, but was later found to have earned more than $7 million.
- He also claimed to have only $1.1 million in liabilities, but his actual net worth exceeded $5.8 million, and the court ordered him to pay about $3.4 million in restitution.
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Justin Ryan Schmidt, founder of crypto hedge fund TransLunar, was sentenced by a US court to 37 months in prison for tax evasion after concealing millions of dollars in income and assets, Bloomberg reported on July 28.
After renouncing his US citizenship and moving overseas, Schmidt reported annual income of less than $5,000 to tax authorities from 2020 to 2022. Investigators later found he had actually earned more than $7 million. He also claimed to have no net worth and only $1.1 million in liabilities, but authorities found his actual net worth exceeded $5.8 million. The court also ordered him to pay about $3.4 million in restitution.
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