Posted on 04/30/2024 1:53:20 PM PDT by dennisw
"In total, Ver is alleged to have caused a loss to the IRS of at least $48 million," stated the Justice Department.
Ver, who was actively promoting crypto on social media as recently as April 25, was reportedly detained in Spain by U.S. authorities.
The new charges against Ver, which came as a shock to the online community known as Crypto Twitter, puts him in the company of several other figures from Bitcoin's early days who have since run into criminal trouble.
The Justice Department announced on Tuesday it has charged Roger Ver, a well-known figure from the early days of Bitcoin, with mail fraud and filing false tax returns. In a press release announcing the charges, the agency said "Bitcoin Jesus" had evaded nearly $50 million in taxes—invoking a nickname that Ver acquired around 2010 due to his habit of gifting bitcoins to those he met.
Ver, a California native, renounced his U.S. citizenship shortly after obtaining a passport from St. Kitts and Nevis in 2014. At the time, he framed the decision as a protest against U.S. government policies but it was widely regarded in crypto circles as part of an effort to avoid paying taxes on the sizable horde of Bitcoin he acquired when the cryptocurrency was still trading for a few dollars or less. Despite renouncing his U.S. citizenship, the Justice Department said Ver was nonetheless required to pay an "exit tax" and to file returns stating his capital gains and the value of his assets.
According to an IRS indictment filed in Los Angeles, Ver worked with with a law firm to avoid reporting his personal holdings and to undervalue 73,000 bitcoins owned by his companies. The indictment also says he sold tens of thousands of Bitcoin in 2017 for $240 million.
(Excerpt) Read more at msn.com ...
The idiot should have paid his taxes. When you’re that rich why take a chance on getting caught? Foolish.
Didn’t the suckers know that “Jesus Saves... rather than speculate on BitCoin”.
FWIW, he’s better known in the Bitcoin community since 2017 as “Bitcoin Judas” for siding with the likes of Craig Wright and Calvin Ayres in the forking of Bitcoin Cash. Not surprised he’d wind up in trouble like this.
In addition to the capital gains taxes, he will pay significant penalties. And he will serve some time in jail. His holding company’s books will be put under a microscope. But he’ll still be extremely rich when he gets out of jail.
Yeah, this ain’t just legal tax avoidance that the IRS could simply deny later and he pays. He’s going to federal pound-me-in-the-ass prison for evasion.
My accountant asks me every year if I have ever used or purchased any form of bitcoin. I haven’t but get asked every year. To me that a huge hint to those that have bitcoin, IRS is watching.
This theft by the government. They did absolutely nothing to help him earn that money.
How can we defend income tax? It’s slavery.
They take the fruits of our labors and send them to Ukraine, Iran, Hamas, Israel, and fund transgender surgeries.
The questions went from under a page to four pages here these days incl those BTC questions.
Oddly, if wants to sell BTC on the Chicago Mercantile Ezchange-like one might sell any other commodity-
it is the only commodity sold nominally.
No exchange of actual BTC takes place, the contract is settled in USD. Which obv in essence bans large sales of BTC for cash.
I see what you’re saying, but to play devil’s advocate, what “labor” did this guy provide that he deserves such massive fruits? He just got extremely lucky.
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