Oleg Tinkov, a Russian-born former U.S. citizen who renounced his U.S. citizenship three days after his assets rose to over one billion dollars, has agreed to pay over $500 million in taxes, penalties, and interest to the U.S. Treasury! Tinkov lied on his U.S. Initial and Annual Expatriation Statement, a part of the expatriation process, stating that his net worth was just $300,000. He also filed a false 2013 return by not reporting or paying taxes on the over one billion dollars he received in income that year. The total tax loss Tinkov caused was $248,525,339, but after penalties and interest, Tinkov will be paying twice as much.
Click here to read the Department of Justice’s complete article.