RUSSIAN BANKER CHARGED WITH TAX FRAUD IN U.S.A.

OLEG TINKOV, a/k/a TINKOFF, the owner of a Russian online virtual bank, Tinkoff Bank f/k/a Tinkoff Credit Systems (TCS), was charged with filing false US tax returns, as two counts of Tax Fraud, pursuant to an Indictment filed in the Northern District of California. He is presently residing in the United Kingdom, but the US is seeking his extradition. The Indictment, filed on September 26, 2019, was unsealed after his arrest on March 4.

The defendant was the beneficial owner of  92m shares of TCS, through multiple BVI entities, with a value of more than $1bn, but, when he sought to renounce his American citizenship, he failed to disclose his worldwide assets, and pay tax on any gain to the IRS. he filed a false Annual Expatriation Statement, reporting that his net worth was only $300,000.

Tinkoff deposited £20m bond with the Court in the UK, while his extradition case is pending; he is subject to electronic monitoring, and a 7PM to 7AM curfew.

Tinkov faces a maximum sentence of three years in Federal Prison on each count, plus a fine of $250,000 on each, as well as possible Restitution, and monetary penalties. Readers who wish to see more details may access the Indictment here.