MicroStrategy and its founder Michael Saylor have reached an agreement with the U.S. Attorney's Office for the District of Columbia in the amount of $40 million in a tax evasion case. This is reported by The New York Times with reference to court documents.
Local authorities sued Saylor in August 2022. According to the prosecution, since 2005, he has not paid more than $25 million from the proceeds.
The businessman claimed that during this period he was allegedly a resident of other states with lower rates, including Virginia and Florida. The founder of MicroStrategy tried to get the lawsuit dismissed, but in March 2023 the court refused his petition.
According to journalists, officials assessed the case as "the largest income tax fraud in the entire history" in the district.
"Michael Saylor and his company have been defrauding the District of Columbia and all its residents for years," Attorney General Brian Schwalb said.
The prosecution managed to prove that the businessman lived in Washington. Among the arguments:
Luxury real estate: Saylor bought three condos in Georgetown between 2006 and 2008 and spent millions on renovations;Marinas: During the renovation, he spent time on one of his boats docked on the Potomac River and in other apartments in the state;Social media posts: The founder of MicroStrategy himself posted posts in which he revealed his location, including an apartment in Georgetown.Saylor still denies any wrongdoing.:
"Florida remains my home, and I continue to dispute the claims that I have ever been a resident of the District of Columbia. I have agreed to settle this matter in order to avoid further burden of litigation for friends, family and myself," he said.
In 2022, Saylor had to leave the post of CEO of MicroStrategy after starting a tax case. He remained on the board of directors, and Fong Le took his place as CEO.
Recall that the company has 205,000 BTC on its balance sheet in the amount of approximately $ 14.28 million at the current exchange rate. The last time the company bought 12,000 BTC was in March 2024.
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