According to the New York Times, the attorney general of the District of Columbia said that a $40 million settlement was reached with Bitcoin bull Michael Saylor and the MicroStrategy he founded.
Accordingly, Saylor and his company agreed to pay a total of $40 million in the 2022 tax fraud case.
Saylor reached a $40 million settlement to end a lawsuit accusing him and his company of income tax evasion, officials said, making it the largest income tax evasion case and settlement ever in the county.
Columbia Attorney General Brian Schwalb made the following statement:
“No one in the District of Columbia is above the law, no matter how rich or powerful. Not only did Saylor break the law, he openly bragged about his tax evasion scheme and encouraged others to follow his example.”
“Michael Saylor and his company, MicroStrategy, defrauded the county and all of its residents for years.”
“I agreed to resolve this matter to avoid the ongoing burden of litigation for my friends, family, and myself,” Saylor said of the settlement. said.
The District of Columbia attorney general accused MicroStrategy founder Michael Saylor of evading $25 million in taxes.
The lawsuit, filed by Columbia's attorney general in 2022, alleged that Saylor and MicroStrategy filed fraudulent tax returns from 2005 to 2020.
The lawsuit also stated that Saylor provided misleading and inaccurate information in his tax returns, stating that he lived in Virginia or Florida, states with much lower income tax rates than Washington.
*This is not investment advice.