The US Department of Justice charged Bitcoin investor Roger Ver with tax fraud on Tuesday.
Ver is wanted by the DOJ for extradition to face a US trial. He was detained in Spain for US criminal charges.
Ver, according to the DOJ, evaded taxes of $50 million. Ver, the DOJ noted, became a citizen of St. Kitts and Nevis in 2014, but he still had two US companies — MemoryDealers.com and Agilestar.com. Ver, the Justice Department stated that he bought bitcoins both for him and his two companies.
The amount of the payment is required. “exit tax” Capital gains tax. Ver and the two companies allegedly held roughly 131,000 Bitcoins in 2014. The companies reportedly owned 73,000 bitcoins.
“As a result of his expatriation, Ver allegedly was required under U.S. law to file tax returns that reported capital gains from the constructive sale of his world-wide assets, including the bitcoins, and to report the fair market value of his assets,” According to the DOJ press release,
DOJ: IRS lost “at least” The allegations made against Ver.
“The indictment further alleges that by June 2017, Ver’s two companies continued to own approximately 70,000 bitcoins. Around that time, Ver allegedly took possession of those bitcoins and in November 2017 sold tens of thousands of them on cryptocurrency exchanges for approximately $240 million in cash,” A press release by the DOJ stated that.
Ver as well provided “false or misleading information” To a lawyer he had hired to conceal his bitcoin holdings and the ones of both him and his company.
“As a result, the law firm allegedly prepared and filed false tax returns that substantially undervalued the two companies and their 73,000 bitcoins and did not report that Ver owned any bitcoins personally,” It said:
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