MicroStrategy and its founder, Michael Saylor, agreed to a $40 million settlement to end a lawsuit accusing him of evading income tax.
In August 2022, Michael Saylor faced allegations of tax evasion. He has since reportedly made the largest income tax fraud settlement in the history of the District of Columbia.
The technology firm MicroStrategy and its pro-Bitcoin founder, Michael Saylor, agreed to a $40 million deal to end a lawsuit accusing him of evading income tax.According to the report, local officials assessed the agreement as the “biggest-ever income tax fraud recovery” in the district. It’s also reportedly the first lawsuit under the district’s amended False Claims Act, which encourages whistle-blowers to file tax evasion claims against residents allegedly hiding residence information.
According to the claims, the firm helped Saylor evade more than $25 million in DC income tax. Experts originally suggested that Saylor could see $75 million in penalties.of MicroStrategy in August 2022, 33 years after founding the firm. He immediately assumed the new role of executive chairman and continued to serve as chairman of the board of directors.
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