Washington DC Attorney General Karl Racine announced today that he will file a criminal complaint against cloud computing software company MicroStrategy and its founder, Michael Saylor, for alleged tax fraud.
Michael Saylor Accused by US Attorney General for Not Paying Income Tax
Racine tweeted today that it is the largest publicly traded company. bitcoin MicroStrategy, which owns the reserve, told owner Saylor that it “helped him evade the taxes he was legally owed for the hundreds of millions of dollars he earned while living in DC.”
Racine says the Bitcoin advocate has never paid income taxes in Washington and accuses Michael Saylor of committing fraud.
NEW: Today, we’re suing Michael Saylor – a billionaire tech executive who has lived in the District for more than a decade but has never paid any DC income taxes – for tax fraud.
— AG Karl A. Racine (@AGKarlRacine) August 31, 2022
The US attorney general said in his post on Twitter:
“Today we are filing a tax fraud lawsuit against billionaire technology executive Michael Saylor, who has lived in Washington Area for over a decade but has never paid income taxes.
We are also suing his company, MicroStrategy, for collaborating to help him evade the taxes he is legally owed on the hundreds of millions of dollars he earned while living in Washington.
This is the first lawsuit filed under DC’s recently amended False Claims Act, which encourages whistleblowers to report residents who are evading our tax laws by falsely declaring their residence.
Under the leadership of Phil Mendelson, the Washington Council unanimously updated the law and gave us the power to enforce it.
With this lawsuit, we are informing residents and employers that we will hold you accountable if you refuse to pay your fair share of taxes while enjoying all the benefits of living in our wonderful city.”
In late 2000, Michael Saylor and other MicroStrategy executives agreed to pay $11 million to settle with the US Securities and Exchange Commission (SEC). Charged with fraud, Saylor had not admitted or denied the charges.
*Not investment advice.
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