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Text Content

'WE'RE NOT GIVING CRYPTO A PASS,' SAYS SEC'S ENFORCEMENT CHIEF


WEB3 GAME DEVELOPER REVOLVING GAMES CLOSES $25 MILLION SEED FUNDING ROUND


BITCOIN SOARS MORE THAN 10% AS IT TRADES ABOVE $21,000


BITCOIN MINER CLEANSPARK ANNOUNCES SECOND ACQUISITION IN A MONTH


TORNADO CASH USED TO LAUNDER $500,000 STOLEN FROM DAO MAKER LAST YEAR: SECURITY
FIRMS


'WE'RE NOT GIVING CRYPTO A PASS,' SAYS SEC'S ENFORCEMENT CHIEF


WEB3 GAME DEVELOPER REVOLVING GAMES CLOSES $25 MILLION SEED FUNDING ROUND


BITCOIN SOARS MORE THAN 10% AS IT TRADES ABOVE $21,000


BITCOIN MINER CLEANSPARK ANNOUNCES SECOND ACQUISITION IN A MONTH


TORNADO CASH USED TO LAUNDER $500,000 STOLEN FROM DAO MAKER LAST YEAR: SECURITY
FIRMS

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'WE'RE NOT GIVING CRYPTO A PASS,' SAYS SEC'S ENFORCEMENT CHIEF


WEB3 GAME DEVELOPER REVOLVING GAMES CLOSES $25 MILLION SEED FUNDING ROUND


BITCOIN SOARS MORE THAN 10% AS IT TRADES ABOVE $21,000


BITCOIN MINER CLEANSPARK ANNOUNCES SECOND ACQUISITION IN A MONTH


TORNADO CASH USED TO LAUNDER $500,000 STOLEN FROM DAO MAKER LAST YEAR: SECURITY
FIRMS


'WE'RE NOT GIVING CRYPTO A PASS,' SAYS SEC'S ENFORCEMENT CHIEF


WEB3 GAME DEVELOPER REVOLVING GAMES CLOSES $25 MILLION SEED FUNDING ROUND


BITCOIN SOARS MORE THAN 10% AS IT TRADES ABOVE $21,000


BITCOIN MINER CLEANSPARK ANNOUNCES SECOND ACQUISITION IN A MONTH


TORNADO CASH USED TO LAUNDER $500,000 STOLEN FROM DAO MAKER LAST YEAR: SECURITY
FIRMS

USD JPY EUR GBP
Live
BTCUSD
$ 21,296.00 -0.03%
ETHUSD
$ 1,726.04 0.24%
BCHUSD
$ 133.05 0.91%
SOLUSD
$ 34.78 -0.15%
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D.C. ALLEGES SAYLOR, MICROSTRATEGY EVADED OVER $25 MILLION IN TAXES

by Kollen Post
 * 
 * 
 * 
 * 
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theblock

QUICK TAKE

 * The District of Columbia’s attorney general has announced a tax fraud suit
   against MicroStrategy and former CEO Michael Saylor.
 * Saylor is a noted bitcoin bull, with MicroStrategy holding one of the largest
   bitcoin balances of any publicly traded company.



Michael Saylor and the company he founded, MicroStrategy, face legal action in
Washington, D.C. over tax fraud. 

On August 31, Attorney General Karl Racine tweeted that D.C. is suing the tech
executive:



District authorities accuse Saylor of evading over $25 million in D.C. taxes by
misrepresenting his place of residence as either Florida or Virginia instead of
the U.S. capital, due to the lower tax rates in those states compared to the
District. MicroStrategy is based in Tysons Corner, Va. 

“Defendant Saylor knowingly avoided income taxes he owed to the District by
fraudulently claiming to be a resident of other, lower-tax jurisdictions while
maintaining his domicile and place of abode in the District, including living in
a luxury penthouse the Georgetown waterfront and docking multiple yachts on the
District’s Potomac riverfront from 2005 to present,” the complaint filed Aug. 22
but made public on Aug. 31 by Racine alleges. The filing cites social media
posts by Saylor in Washington as part of its supporting evidence.

Saylor, for his part, countered that his primary residence for the past decade
is in Florida. "I respectfully disagree with the position of the District of
Columbia, and look forward to a fair resolution in the courts," he said in a
statement. 

Racine's office also names MicroStrategy as a co-defendant, claiming that the
company helped conceal Saylor’s place of residence for tax purposes, and that
MicroStrategy’s chief financial officer documented the number of days Saylor
spent either in Florida or D.C. 

"Sometime thereafter in 2014, the MicroStrategy CFO, brought the issue of
Saylor’s fraudulent evasion of District taxes to Saylor as a potential source of
liability for the company,” the complaint reads.  

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"The case is a personal tax matter involving Mr. Saylor," MicroStrategy said in
a statement, adding "The company was not responsible for his day-to-day affairs
and did not oversee his individual tax responsibilities."

The company vowed to fight what it called the District's "false" claims and
"overreach."

In a Wednesday press release, Racine's office characterized the complaint as,
"the first suit brought under the authority of the District's recently passed
False Claims Act that encourages whistleblowers to report instances where D.C.
residents evade the District's tax laws by misrepresenting their residence." 

The suit asks the court to award the District Saylor's unpaid tax liability as
well as "treble damages and civil penalties." 

Saylor stepped down from his position as CEO of MicroStrategy at the beginning
of August following underwhelming returns on the company’s major bet on Bitcoin.
Saylor said he would move to an executive chairman position,  “to focus more on
our bitcoin acquisition strategy and related bitcoin advocacy initiatives." 

This story has been updated with comments from Saylor and MicroStrategy.

 


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for
informational purposes only. It is not offered or intended to be used as legal,
tax, investment, financial, or other advice.

 * 
 * 
 * 
 * 
 * 

ABOUT AUTHOR

Kollen Post is a senior reporter at The Block, covering all things policy and
geopolitics from Washington, DC. That includes legislation and regulation,
securities law and money laundering, cyber warfare, corruption, CBDCs, and
blockchain’s role in the developing world. He speaks Russian and Arabic. You can
send him leads at kpost@theblockcrypto.com.


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