Russian Bank Founder Cops To Tax Fraud, Owes US $500M

By Theresa Schliep (October 1, 2021, 6:46 PM EDT) -- A Russian bank founder will pay $500 million in taxes to the U.S. after pleading guilty to failing to report a $1 billion gain from his bank's initial public offering, the U.S. Department of Justice said Friday.

Oleg Tinkov admitted to filing a false tax return in connection with his failure to report a constructive sale of his assets worth $1.1 billion after his bank's IPO on the London Stock Exchange, the DOJ said in a news release.

Specifically, he failed to disclose the gain on a U.S. Initial and Annual Expatriation Statement he filed when he renounced his American citizenship,...

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