Justin Ryan Schmidt, a former Austin resident who renounced U.S. citizenship in 2022, was sentenced to 37 months in prison for tax evasion. Court documents reveal Schmidt managed a cryptocurrency-focused hedge fund, earning at least $7 million between 2020 and 2022 but reporting only $5,000 in income annually. He concealed millions in foreign bank accounts and falsely stated his net worth was $25,000, despite exceeding $2 million. Schmidt also failed to report a $9 million sale of a Colorado property purchased for $5.8 million. U.S. District Judge Robert Pitman ordered three years of supervised release and $3.4 million in restitution. The case was prosecuted by the Justice Department’s National Fraud Enforcement Division and IRS Criminal Investigation.
Source: U.S. Department of Justice (DOJ).
Materials reproduced from https://www.justice.gov/.
No endorsement by the DOJ is implied.
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