Bitcoin supporter Michael Saylor was on Wednesday sued for alleged tax fraud in Washington DC. Attorney General for Washington DC, Karl Racine said the billionaire never paid any income taxes in the city. Saylor was charged for tax fraud despite his living in the city for more than a decade. The attorney also sued his company, Microstrategy, for allegedly helping the billionaire evade taxes.
The Microstrategy founder and chief executive officer is popularly known for his strong advocacy of Bitcoin’s potential. In his recent comments, Saylor said Bitcoin would reach the 1 million mark in future. As long as the price of Bitcoin doesn’t get to zero, it will get to a million, he said, emphasizing his belief in the asset. Saylor often makes bold statements stressing on his strong belief on Bitcoin and its future prospects. The company is believed to hold a total of 129,918 Bitcoin. However, his company had in recent times raked in massive unrealized losses due to the sharp drop in Bitcoin price.
Michael Saylor – Tax Fraud?
Attorney General Racine said Microstrategy was also sued for conspiring to help Saylor evade taxes. The company founder legally owes on hundreds of millions of dollars he has earned while living in DC, he said.
“Today, we are suing Michael Saylor, a billionaire tech executive who has lived in the District for more than a decade but has never paid any DC income taxes – for tax fraud. We are also suing his company, MicroStrategy, for conspiring to help him evade taxes he legally owes on hundreds of millions of dollars he has earned while living in DC.”
First Of Its Kind
Incidentally, the lawsuit is the first of its kind under a law that encourages whistleblowers to report tax evasion instances. The whistleblowers are encouraged to report residents who evade tax laws by misrepresenting their residence.
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