DC Attorney General sues Michael Saylor & MicroStrategy for tax fraud
DC Attorney General Karl Racine has announced that Michael Saylor is being sued for tax fraud. The business intelligence & software company MicroStrategy, which Saylor co-founded and led for years as CEO, is also alleged to be complicit.
Michael Saylor allegedly paid no taxes for over a decade
On 31 August, Karl Racine, Attorney General for the District of Columbia, reported via Twitter that Michael Saylor is being sued for tax fraud.
Source: https://t.co/z4umFqWXo2— BTCATH (@btcathcom) August 31, 2022
Saylor allegedly pretended to be a Florida resident and taxpayer, but actually lived in DC. Thats’s why DC Attorney General accused Saylor of not paying DC income taxes for more than a decade.
MicroStrategy also sued for aiding tax evasion
The business intelligence & software company MicroStrategy, which Saylor co-founded in 1989 and for whose Bitcoin investment strategy he is primarily responsible, is alleged to have been complicit.
We’re also suing his company, MicroStrategy, for conspiring to help him evade taxes he legally owes on hundreds of millions of dollars he’s earned while living in DC.— AG Karl A. Racine (@AGKarlRacine) August 31, 2022
The complaint states:
In or about 2013, Defendant Saylor asked Defendant MicroStrategy to begin reporting his residency to the Internal Revenue Service on form W-2s, 1099s, and other tax forms using the address of his house in Florida rather than 3030 K Street NW, where he actually lived.
Michael Saylor stepped down as CEO of MicroStrategy on August 8
On 8 August, Saylor had just announced that he was stepping down as CEO of MicroStrategy. He wanted to assume a new role as Executive Chairman for the company. It is questionable what will happen now and whether Saylor will be able to keep this position.
Karl Racine, at any rate, wants to make an example of the Michael Saylor case:
With this lawsuit, we’re putting residents and employers on notice that if you enjoy all the benefits of living in our great city while refusing to pay your fair share in taxes, we will hold you accountable.
This article does not provide investment advice. Historical cryptocurrency data is not a guarantee of future market developments. The author may hold several of the cryptocurrencies mentioned in this article.
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