Washington DC Attorney General Karl Racine announced that he is suing Michael Saylor for failing to pay taxes.
Racine accused Bitcoin advocate Saylor of fraud.
Washington DC Attorney General’s Lawsuit Against Saylor
Washington DC Attorney General Karl Racine accused Saylor of fraud and stated that he had never paid DC income taxes.
The Attorney General also announced that they have also filed a lawsuit against MicroStrategy for allegedly helping it facilitate tax avoidance plans. Racine claimed Saylor owed hundreds of millions of dollars.
The complaint noted that Saylor “fraudulently” reported that he resided in Florida or Virginia in order to take advantage of lower tax rates. However, the Facebook posts included in the complaint paperwork prove that Saylor resides in Washington DC.
Michael Saylor announced his resignation as MicroStrategy CEO earlier this month.
MicroStrategy, the most important representative of institutional Bitcoin investment, has been financially affected by the great decline of Bitcoin. The company announced a loss of $1 billion in the second quarter of 2022.
Following the lawsuits against Michael Saylor and MicroStrategy, the company’s shares also fell 4.4%.
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