MicroStrategy and its founder settle tax evasion lawsuit for $40 million

2024-06-03 19:44:14

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Chain Catcher news, according to The New York Times, the Attorney General of the District of Columbia has reached a $40 million settlement with billionaire and Bitcoin investor Michael Saylor and his software company MicroStrategy to end a lawsuit accusing him of evading income taxes.

The official stated that this agreement is the largest income tax fraud recovery case in the region's history. It is also the first lawsuit filed in the region under the revised False Claims Act, which encourages whistleblowers to report tax evasion claims against residents they believe are concealing their actual residence.

The lawsuit alleges that Saylor evaded over $25 million in income taxes. The Attorney General sued the tech executive and MicroStrategy in 2022, claiming that from 2005 to 2020, he submitted false tax returns with the company's assistance.

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