Translunar founder gets prison term for hiding $7M in income to evade taxes

Justin Ryan Schmidt, founder of crypto hedge fund Translunar, was sentenced to 37 months in prison after giving up U.S. citizenship and moving overseas while concealing millions of dollars in income and assets, Bloomberg reported. Investigators found Schmidt told tax authorities from 2020 to 2022 that his income was under $5,000, but he had actually earned more than $7 million. Schmidt also claimed to have no net worth and only $1.1 million in liabilities, but authorities confirmed his actual net worth exceeded $5.8 million. A U.S. court also ordered Schmidt to pay about $3.4 million in restitution.