AUSTIN (KXAN) — A hedge fund manager who once lived in Austin has pleaded guilty to evading more than $1.5 million in federal taxes after concealing millions of dollars in income and foreign bank accounts, federal prosecutors said Monday.
Justin Ryan Schmidt, a Cayman national who previously resided in Austin, admitted to one count of tax evasion, according to the U.S. Department of Justice. Prosecutors said Schmidt managed a cryptocurrency-focused hedge fund and earned more than $6 million between 2020 and March 2022 but failed to report any of that income on his federal tax returns.
Instead, Schmidt falsely reported earning $5,000 or less in each of those years while holding millions of dollars in undisclosed foreign bank accounts, court records show…