Russian billionaire Oleg Tinkov to pay $ 500 million for US tax evasion

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(Bloomberg) – Billionaire TCS Group founder Oleg Tinkov agreed to pay more than $ 500 million and pleaded guilty to a 2013 U.S. fraud case that accused him of concealing assets for evade paying taxes, the Justice Department said.

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Tinkov, 53, withheld $ 1 billion in assets and income when he renounced his US citizenship following TCS Group’s initial public offering, an indictment unsealed last year says . After his arrest in February 2020 in London, he challenged his extradition to the United States while undergoing treatment for leukemia.

The alleged fraud is about half that of the largest tax evasion case ever filed by U.S. prosecutors. Robert T. Brockman, a software mogul in Houston, was accused in October of using a network of Caribbean entities to hide $ 2 billion in revenue.

Tinkov has agreed to pay $ 506,828,377, which includes unpaid 2013 taxes, the civil fraud penalty and interest, according to a statement released by the Justice Department on Friday. Tinkov’s fortune is estimated at $ 8 billion, according to the Bloomberg Billionaires Index.

In 2013, Tinkov falsely reported income below $ 206,000 in a tax return, even though he pocketed more than $ 192 million in TCS’s initial public offering on the London Stock Exchange in October from the same year, according to US prosecutors. Three days after the IPO, the billionaire went to the US embassy in Moscow to renounce his US citizenship, prosecutors said.

His sentence is set for October 29 in Oakland, California.

The case is USA v. Tinkov, 4: 19-cr-00489, US District Court, Northern District of California (Oakland).

(Updates with details of the sentencing hearing)

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