US Court Sentences Translunar Founder to 37 Months for Hiding $7 Million in Income
JH Kim
Summary
- Justin Ryan Schmidt, founder of crypto hedge fund Translunar, was sentenced to 37 months in prison for concealing millions of dollars in income and assets.
- Schmidt reported annual income of less than $5,000 from 2020 to 2022, but investigators found he had actually earned more than $7 million.
- The court also ordered Schmidt 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.
Schmidt, who renounced his US citizenship and moved abroad, reported annual income of less than $5,000 to tax authorities from 2020 to 2022. Investigators found he had actually earned more than $7 million during that period.
He also reported having no net worth and only $1.1 million in liabilities. Investigators found his actual net worth exceeded $5.8 million. The court also ordered Schmidt to pay about $3.4 million in restitution.
JH Kim
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