Image default

Court Dismisses Tax Fraud Charges Against Michael Saylor’s MicroStrategy

The Superior Court of the District of Columbia has dismissed a civil complaint against American business intelligence company MicroStrategy, which alleged that the firm helped its co-founder Michael Saylor evade income tax payments.

According to a recent filing, Saylor and MicroStrategy filed a motion to dismiss the complaint in October, and the court ruled in favor of the request on February 28.

Court Dismisses Civil Complaint Against MicroStrategy

Recall that in August, the Washington District of Columbia, through its Attorney General’s office, sued Saylor for evading income taxes for more than ten years and MicroStrategy for helping the Bitcoin proponent in the act.

CryptoPotato reported that the case, which was the first under DC’s just amended False Claims Act, sought payments of up to $25 million in income taxes owed and undisclosed amounts in treble damages, civil penalties, and other reliefs.

Saylor was accused of claiming to live in Florida – a state void of income taxes – but residing in DC. The complaint alleged that he secured a driver’s license and registered to vote in Florida to pose as a resident there. Meanwhile, the former CEO maintained his DC residence for at least 183 days in taxable years.

The publicly-traded company was accused of knowing about Saylor’s false claims as a Florida resident and helping him substantiate them.

Saylor to Go to Trial Next Week

After the lawsuit was filed, Saylor and his company filed a motion requesting that the court dismiss both complaints against them. The court has now ruled to quash the charges against MicroStrategy.

The court also noted that charges against Saylor were not dismissed, and the former CEO is scheduled to go to trial on March 10.

“The court did not dismiss claims against Mr. Saylor alleging that Mr. Saylor failed to pay personal income taxes, interest, and penalties due. A status conference in the case is scheduled for March 10, 2023. The final outcome of this matter is not presently determinable,” the filing stated.


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Source link

Related posts

Here are the levels Ethereum [ETH] could soon have in its crosshairs

Marine Savard

Ethereum bulls remain euphoric but bears will look to erase all the recent gains

Marine Savard

Celsius Users Under Phishing Risks as Already Troubled Firm Now Faces Data Breach Scandal

Marine Savard

PancakeSwap’s new farm auction updates might bring relief to investors

Marine Savard

Senator Elizabeth Warren Expresses Concern Over Fidelity’s Bitcoin Pension Plan

Marine Savard

Bitcoin More Recession-Resilient Than META, Comparison Shows

Marine Savard

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More