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Crypto Fund Manager Sentenced to 37 Months for Tax Evasion
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Subscribe29 JUL 2026 / ACCOUNTING & TAXES
Former Austin-based hedge fund manager, Justin Ryan Schmidt, was sentenced to 37 months imprisonment for obscuring millions of dollars in cryptocurrency fund income and maintaining assets in offshore bank accounts. Despite renouncing his U.S. citizenship, Schmidt was found guilty of tax evasion, underlining that expatriation does not protect individuals from their U.S. tax obligations or erase prior liabilities.
Renouncing a U.S. passport may end citizenship, but it does not erase unpaid taxes, false filings, or the IRS’s memory. Justin Ryan Schmidt apparently learned that lesson the hard way. On July 27, 2026, a federal judge in Texas sentenced the Cayman...
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