Top Line

Billionaire Russian bank magnate Oleg Tinkov pleaded guilty Friday to tax fraud, misrepresenting more than $500 million of his net worth on tax forms after renouncing his US citizenship in 2013, the US Justice Department said. agreed to pay, the US Department of Justice said.

important facts

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The DOJ said Friday that Tinkov will pay about $506 million in back taxes, penalties and interest. Arrested Feather two meanings Regarding filing of false tax return.

Federal officials will recommend the sentence given at a court hearing later this month, meaning Tinkov will avoid jail time (each count of filing a false tax return carries a prison sentence of up to three years, DOJ said last year)

Businesshala has reached out to Tinkov’s attorney for comment.

important quotes

Stephanie Hinds, acting U.S. Attorney for the Northern District of California, said, “Any person who enjoys the exorbitant benefits of United States citizenship, as Tinkov did, is under a related obligation to support his or her chosen country.” can be avoided.” Statement.

big number

$7.7 billion. That is Tinkov’s net worth, by Businesshala‘ an estimate.