Saturday, September 30, 2023
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms and Conditions
  • en English
    ar Arabicbg Bulgarianzh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
Crypto Miracles
Advertisement
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Dogecoin
    • Litecoin
    • Ripple
    • Altcoin
    • Press Release
  • Blockchain
  • People
    • Opinion
    • Interview
  • Business
  • Technology
  • Market
  • Analysis
  • Live Price
  • Regulation
  • Guide
No Result
View All Result
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Dogecoin
    • Litecoin
    • Ripple
    • Altcoin
    • Press Release
  • Blockchain
  • People
    • Opinion
    • Interview
  • Business
  • Technology
  • Market
  • Analysis
  • Live Price
  • Regulation
  • Guide
No Result
View All Result
Crypto Miracles
No Result
View All Result
Home Opinion

Michael Saylor and MicroStrategy Sued for Tax Fraud

August 31, 2022
in Opinion
Reading Time: 3 mins read
0
Michael Saylor and MicroStrategy Sued for Tax Fraud
Share on FacebookShare on TwitterPinShare on Reddit


Key Takeaways

  • The District of Columbia is suing Michael Saylor and MicroStrategy for alleged tax fraud.
  • D.C. Attorney General Karl Racine announced the suit on Twitter today, accusing Saylor of avoiding as much as ten years’ worth of income taxes.
  • MicroStrategy stock dropped 5% as news of the charges broke.

Share this article

Billionaire Bitcoin whale Michael Saylor is being sued by the District of Columbia, where he currently resides, for tax fraud. D.C. Attorney General Karl Racine made the announcement Wednesday on Twitter.

Saylor Faces Tax Fraud Suit

One of Bitcoin’s biggest whales has some legal trouble to contend with.

MicroStrategy CEO Michael Saylor is facing a lawsuit on tax fraud allegations, Washington D.C. Attorney General Karl Racine announced Wednesday.

NEW: Today, we’re 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.

— AG Karl A. Racine (@AGKarlRacine) August 31, 2022

“Today, we’re 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,” Racine wrote in a tweet.

Racine added that Washington D.C. was also suing MicroStrategy “for conspiring to help [Saylor] evade taxes he legally owes on hundreds of millions of dollars he’s earned while living in DC.”

Michael Saylor is most notable in the crypto space for his ongoing and vocal public support for Bitcoin. He frequently appears on the crypto conference circuits to tout the virtues of the market’s flagship cryptocurrency and encourage attendees to accumulate as much as possible.

In this regard, Saylor puts his money where his mouth is; his company, MicroStrategy, which originated as a business intelligence software company, has pivoted toward a Bitcoin accumulation strategy under Saylor’s leadership. At the beginning of the month, Saylor stepped aside as MicroStrategy’s CEO but remained chairman of the board; he also assumed a substantive executive position focusing on “Bitcoin acquisition strategy and related Bitcoin advocacy initiatives.”

This is not the first time that Saylor and his company have run into trouble with law enforcement. In 2000, the Securities and Exchange Commission brought civil accounting fraud charges against MicroStrategy for misrepresenting the company’s financial information for two years. That case ended with a settlement that resulted in Saylor personally disgorging $8.2 million and paying an additional $350,000 in penalties.

MicroStrategy shares dropped 6% upon news of the lawsuit.

Disclosure: At the time of writing, the authors of this piece owned BTC, ETH, and several other cryptocurrencies. This story is breaking and will be updated as further details emerge.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.





Source link

Related articles

what us government shutdown means for bitcoin

Here’s what the U.S. government shutdown may mean for Bitcoin

September 28, 2023
crypto celebrities

Crypto Celebrity Endorsements: Influencers in the Bitcoin Casino Space

August 31, 2023
Share2Tweet1PinShare
Previous Post

Will Big Eyes Coin be able to claw its way to the top of the meme coin market ahead of Tamadoge’s loud bark? | NewsBTC

Next Post

Is Big Eyes The Next Ethereum Or Solana? | NewsBTC

Related Posts

what us government shutdown means for bitcoin

Here’s what the U.S. government shutdown may mean for Bitcoin

by
September 28, 2023

James Butterfill expects Bitcoin to rally if the U.S. government shuts down. BTC has a history of performing quite well...

crypto celebrities

Crypto Celebrity Endorsements: Influencers in the Bitcoin Casino Space

by
August 31, 2023

In the dynamic world of digital currency, several factors affect the values of all digital assets. Some factors include utilities...

How rising Bitcoin dominance invalidates many crypto assumptions

How rising Bitcoin dominance invalidates many crypto assumptions

by
August 11, 2023

Key Takeaways Bitcoin dominance has risen above 50%, having started the year at 42% Traditionally, dominance falls while market prices...

More Ethereum users are interested in self-custody storage

More Ethereum users are interested in self-custody storage

by
August 9, 2023

Ethereum, the succeeding cryptocurrency to Bitcoin, went through many controversies and media headlines, especially since the FTX collapse or the...

Sam Bankman-Fried Accused of Leaking Ellison's Docs to NYT: US DOJ

Sam Bankman-Fried Accused of Leaking Ellison’s Docs to NYT: US DOJ

by
July 21, 2023

Share this article Sam Bankman-Fried (SBF), the founder and ex-CEO of the fallen cryptocurrency exchange FTX, is now faced with...

Load More
Next Post
Is Big Eyes The Next Ethereum Or Solana? | NewsBTC

Is Big Eyes The Next Ethereum Or Solana? | NewsBTC

DAOs are broken and need fixing, Laguna Labs CEO says

DAOs are broken and need fixing, Laguna Labs CEO says

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions.

16 + 20 =

Crypto Miracles

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics, and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency.

Categories

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Business
  • Dogecoin
  • Ethereum
  • Guide
  • Interview
  • Litecoin
  • Market
  • Opinion
  • Press Release
  • Regulation
  • Ripple
  • Technology
  • Uncategorized

Recent Posts

  • FTX Exploiter Transfers 5,000 ETH Ahead of Ether Futures ETF Launch
  • Ethereum ETF: Valkyrie Halts Purchase Of ETH Futures Contracts
  • Litecoin’s price halved in less than three months. Buying the dip is risky despite a small head and shoulders pattern forming.

Newsletter

    • About Us
    • Contact Us
    • Privacy Policy
    • Terms and Conditions

    cryptomiracles.com © 2021 All rights reserved.

    No Result
    View All Result
    • Home
    • Crypto News
      • Bitcoin
      • Ethereum
      • Dogecoin
      • Litecoin
      • Ripple
      • Altcoin
      • Press Release
    • Blockchain
    • People
      • Opinion
      • Interview
    • Business
    • Technology
    • Market
    • Analysis
    • Live Price
    • Regulation
    • Guide

    cryptomiracles.com © 2021 All rights reserved.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.