{"id":13831,"date":"2022-09-01T20:47:08","date_gmt":"2022-09-01T20:47:08","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/michael-saylor-and-microstrategy-sued-for-tax-fraud-after-tip-off\/"},"modified":"2022-09-01T20:47:08","modified_gmt":"2022-09-01T20:47:08","slug":"michael-saylor-and-microstrategy-sued-for-tax-fraud-after-tip-off","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/michael-saylor-and-microstrategy-sued-for-tax-fraud-after-tip-off\/","title":{"rendered":"Michael Saylor and MicroStrategy Sued for Tax Fraud after Tip Off"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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The largest corporation holding Bitcoin, MicroStrategy, and its Executive Chairman and notorious \u2018Bitcoin Bull\u2019 Michael Saylor are being sued by the District of Columbia (D.C.) for alleged tax fraud.<\/p>\n

The\u00a0complaint<\/a> alleges that Saylor never paid any income taxes in the district in the over 10 years he has lived there. In addition, MicroStrategy is being sued \u201cfor conspiring to help him (Saylor) evade taxes he legally owes on hundreds of millions of dollars he\u2019s earned while living in Washington.\u201d<\/em><\/p>\n

DC Attorney General Karl A. Racine made the announcement himself on Twitter\u00a0<\/a>on Wednesday.<\/p>\n

A follow-up tweet<\/a> by Racine looks to imply that someone had tipped of the Office of the Attorney General on Saylor\u2019s alleged misstep. He said this would be the \u201c1st lawsuit brought under DC\u2019s recently amended False Claims Act encouraging whistleblowers to report residents who evade our tax laws by misrepresenting their residence.\u201d<\/em><\/p>\n

Saylor is accused of avoiding to pay more than $25 million in taxes to the district which is now pursuing to seek back taxes, treble damages, civil penalties, expenses and fees.<\/p>\n

The complaint further details that Saylor was \u201cmasquerading\u201d as a Florida or Virginia resident, by having purchased property and registered to vote in these states. However, Saylor was believed to be living in a penthouse in Washington while he still lived in D.C for more than 183 days in a year, the statutory minimum which considers someone a resident.<\/p>\n

Saylor responded in a statement, where he said that although MicroStrategy headquarters is in Virginia, he himself had moved to Miami Beach:<\/p>\n

\u201cFlorida is where I live, vote, and have reported for jury duty, and it is at the center of my personal and family life. I respectfully disagree with the position of the District of Columbia, and look forward to a fair resolution in the courts.\u201d<\/em><\/p>\n

Following the news, MicroStrategy shares dropped more than 4%.<\/p>\n

Under Michael Saylor\u2019s leadership as company CEO, MicroStrategy has accumulated 129,699<\/a> BTC which it has no intentions to sell. At today\u2019s price the holdings represents a value of roughly $2.6 billion.<\/p>\n

At the beginning of August, Saylor stepped down\u00a0as CEO<\/a> to focus on MicroStrategy\u2019s Bitcoin ambitions.<\/p>\n<\/p><\/div>\n