In a watershed event for the cryptocurrency industry, the US Department of Justice (DOJ) has charged Roger Ver, an early Bitcoin investor, with mail fraud, tax evasion, and filing bogus tax returns.
Roger Ver’s Alleged Tax Evasion Revelation
According to the allegations, Ver obtained Bitcoin for himself and his companies, MemoryDealers.com Inc. and Agilestar.com Inc., which specialize in the sale of computer and networking equipment, in 2011, resulting in significant cryptocurrency wealth.
To escape taxes, Ver allegedly renounced his American citizenship in 2014, a process known as expatriation, and got citizenship in Saint Kitts and Nevis. However, under US law, he must disclose and pay taxes on the income obtained from his global assets, including Bitcoin holdings.
American prosecutors are pursuing extradition
Additional charges against Ver include allegedly undervaluing the assets of his businesses and Bitcoin holdings and giving incorrect or misleading information to his auditors and legal counsel. As a result, he is accused of filing fake tax returns, dramatically reducing the visibility of his assets and avoiding tax payments.
The claim for remedy is that Ver’s actions cost the IRS at least $48 million. Despite the fact that he was not an American citizen, he was required by law to record and pay taxes on certain distributions from American-based firms. However, Ver allegedly disguised his Bitcoin receipts and sales-related perks, omitting to disclose them and pay the necessary taxes.
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Roger Ver, often known as “Bitcoin Jesus,” was held in Spain after being arrested on the aforementioned allegations. As a result, efforts are underway to have him extradited to the United States for trial.