The document is full of fun nuggets that illustrate Saylors attachment to the nations capital: How Saylor combined three luxury apartments on the Georgetown WebWe found 18 records for James Saylor in Orlando, Tallahassee and 12 other cities in Florida. Racines office said it independently investigated the tax fraud allegations and intervened in the whistleblower complaint, filing its own lawsuit against Saylor and MicroStrategy. Meanwhile, there are two bedrooms in a guest house, and a detached gym has a bathroom and a steam room. Saylors only hope is that Bitcoins price keeps going up so that he can repay the debt, says Ryan Ballentine of Bireme Capital, a firm thats shorting MicroStrategy. Terms & Conditions. But even then, Saylor logged 70 more days in DC than Florida, meaning he owed taxes in the district that year, too. "The District of Columbia's claims against the company are false and we will defend aggressively against this over-reach," MicroStrategy told the Financial Times. We want to hear from you. You may change or cancel your subscription or trial at any time online. Michael Saylor The bitcoin bull claimed to live in Florida, but Facebook posts showed homes in DC, according to a lawsuit. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Saylor allegedly claimed that he was a Florida residenta state without income taxesbut was actually present in DC most of the year, and openly bragged Could Disney move out of Florida? The lawsuit also names MicroStrategy as a defendant. Michael Saylor, Chairman & CEO, MicroStrategy, pauses as he speaks during the Bitcoin 2022 Conference at Miami Beach Convention Center on April 7, 2022 In 2021, the District updated the law allowing private citizens to bring suits, with DC as co-plaintiff, against high-earning companies and individuals for tax evasion. "Although MicroStrategy is based in Virginia, Florida is where I live, vote, and have reported for jury duty, and it is at the center of my personal and family life. Saylor allegedly claimed to reside in Florida, which does not have a personal income tax, while actually living in several different homes around D.C., according to the lawsuit. Tax fraud lawsuit filed against DC billionaire who owes $25 Federal taxes due on these benefits were paid for by the corporation. Naturally, the heaviest weight by far would fall on Saylor; treble damages on the back taxes alone would amount to $75 million. Signs 4 Gun Control BillsStrengthening States Restrictions Amid Frequent Shootings. Select the best result to find their address, Saylor lives in a 7,000-square-foot Georgetown penthouse and has docked at least two of his yachts in the city for long periods of time despite claiming not to live there, Racines office said. ", The company said the D.C. attorney general's accusations "are false, and we will defend aggressively against this overreach. And Saylor so intimidated the brass at the data analytics pioneer that they bowed to the boss, knowing full well he was blatantly skirting millions in taxes, and putting the enterprise he founded at risk. 6630 Indian Creek Dr. #224. Although MicroStrategy is based in Virginia, Florida is where I live, vote, and have reported for jury duty, and it is at the center of my personal and family life.. The Districts response is more extensive. Saylor whose Twitter account has more than 2.6 million followers and lists his location as Miami Beach has cultivated a cult following among die-hard fans of bitcoin. The stock has also become much riskier because to Taylors massive leverage and bet on the companys part that Bitcoins price will skyrocket despite months of sharp decrease. The first payment on the debts is due in 2025. We use university Nor did the Company conspire with Mr. Saylor in the discharge of his personal tax responsibilities. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. Given that even positive operating profits would be eliminated by the $40 million in annual interest on the Bitcoin debt, the software company has little to no potential to become profitable in the future. But they present a fascinating picture of how the flamboyant promoter so revered and influential in cryptocurrency circles allegedly behaved as a conman so delighted with his scams that he couldnt resist bragging about them, the weakness that appears to have proved his undoing. Michael Saylor House Saylor lives in Mclean Virginia, and he owns a large house in the Hamptons, near New York. He also owns a mansion in Miami, named Villa Vecchia. According to the complaint, The CFO raised the subject of Saylors fraudulent tax evasion to Saylor as a potential cause of responsibility for the company.. He founded Microstrategy in 1989, but turned the company into a meme stock starting in August 2020 when he invested $250 million of its cash reserves into bitcoin during the cryptocurrency boom. Its the same story in a way of a classic Greek tragedy, Don Griffith, a childhood friend of Saylors, told The Washington Post in 2002. Its the story of Icarus and Daedalus. Mike was the guy who flew too close to the sun. Saylor held on as CEO of MicroStrategy and improbably returned the company to profitability in the following years. Michael Jerry Saylor (age 57) is listed at 4821 Pine Tree Dr Miami Beach, Fl 33140 and is affiliated with the Republican Party. If the District wins the suit, the Whistleblowerapparently a first-hand witness to Saylors crowing over his clevernesswould receive as much as 25% of the amount paid by Saylor and MicroStrategy, or around $25 million. He said in April he considers the stock to be an unofficial spot bitcoin ETF. Overall, MicroStrategy has spent $4 billionfinanced by both new equity and debton Bitcoin that today sells at just under $20,000 a coin, making the companys war chest worth under $2.6 billion. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. 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The AG's office is seeking $100 million in unpaid taxes and penalties, the lawsuit published Wednesday said. He also owns a mansion in Miami, named Villa Vecchia. The complaint also alleges that the chairs of the comp and audit committees approved the deal. The company did not immediately respond to a request for comment. His residence had been listed by MicroStrategy as Florida for years, even on the CEOs W-2. The only exception was 2012. Racines office said the lawsuit was brought under the citys recently expanded False Claims Act, which the D.C. Council last year amended to include tax-related issues, and incentivizes whistleblowers to identify tax fraud. Data is a real-time snapshot *Data is delayed at least 15 minutes. "Although MicroStrategy is based in Virginia, Florida is where I live, vote, and have reported for jury duty, and it is at the center of my personal and family life, he wrote. Join Our Telegram channel to stay up to date on breaking news coverage. MicroStrategy, Michael Saylor Sued for Tax Fraud by DC The District of Columbia famously filed a civil lawsuit on August 31 alleging that Michael Saylor, the leading proponent of Bitcoin, had defrauded the District of $25 It asserts that Saylor wrongly claimed to be a Virginia resident for years prior to switching to Florida. Tech billionaire and bitcoin booster Michael Saylor evaded more than $25 million in Washington, DC income taxes by falsely claiming to live elsewhere, according to a tax fraud lawsuit filed Wednesday by the Districts attorney general. Michael Saylor Apparently, Saylor and the CFO believed that using fringes in lieu of cash would ensure that the scheme go undetected. Saylor is therefore far from having spent the necessary 183 days in Florida to be considered a resident of the state. In fact, the whistleblowers account is astoundingly detailed. IN THE SUPERIOR COURT OF THE DISTRICT OF That no salary but more perks in exchange for the risk of misreporting Saylors tax situation assuaged the CFO. At the same time, he was spending the most of his time in Washington, DC, traveling to MicroStrategys offices in Tyson Corner, Virginia, and indulging in the Districts social scene. According to the complaint, He even stated that his buddies from New York, California, or the District were fools if they did not similarly purchase a residence in Florida and spend time there in order to dodge the personal income taxes levied by their respective states.. It alleges that Saylor lived in DC most of the year from 2013 to 2020, but claimed residence in the no-income-tax state of Florida. It is obvious that the whistleblower had extensive contact with Michael Saylor, and given their understanding of the power struggles within MicroStrategy, they may have been a senior executive. "Although MicroStrategy is based in Virginia, Florida is where I live, vote, and have reported for jury duty, and it is at the center of my personal and family life.". WebThe District of Columbia attorney general sued Michael Saylor, the founder and chairman of software intelligence firm MicroStrategy Inc., alleging he dodged more than $25 million in district taxes. That investment is now worth $2.6 billion as bitcoin is worth about $20,000, more than 70% off its peak of $67,598.54. WebThe property owner's name is Michael J Saylor Trs. The whistleblower suit assembles evidence from the social media posts, FAA flight data, and most intriguingly, witness accounts from his inner circle, to show the number of days that Saylor spent in Florida and DC respectively from 2013 to 2019. The suit also targets MicroStrategy itself. MicroStrategy's Michael Saylor accused of dodging $25 million in According to the court document, Saylor claimed to live in Florida, a state without personal income taxes but lived in DC. Want to see the total eclipse in 2024? District of Columbia Attorney General Karl Racine accused MicroStrategy co-founder and Executive Chairman Michael Saylor of evading $25 million in district taxes Michael Saylor It noted that he failed to file any income tax return in DC between 2005 and 2021, and that Florida and Virginia have significantly lower tax rates. The District case arises from an earlier complaint filed by a whistleblower. MicroStrategy spent almost $4 billion on bitcoin under Saylor's leadership. The Company was not responsible for his day-to-day affairs and did not oversee his individual tax responsibilities. Saylor said in the statement: A decade ago, I bought an historic house in Miami Beach and moved my home there from Virginia. D.C. AG sues former MicroStrategy CEO Michael Saylor for The suit was sealed and remained secret until the District issued a separate action, including virtually the same charges, on the last day of August. Tracking his movement establishes that he was physically present in DC, or jetting in and out, the majority of days. Clickout Media Ltd AA PH, Camilleri Buildings, Oratory Street, Naxxar, NXR 2504 Malta, Company No. It was selling for an astounding $4 billion in the middle of August. 2.9%. In a separate statement, MicroStrategy pledged to defend aggressively against what it described as false allegations, calling the issue a personal tax matter and denying that the company conspired with Saylor. D.C. Attorney General Karl A. Racine (D) on Wednesday announced a lawsuit against billionaire Michael J. Saylor and the technology company he co-founded, MicroStrategy, alleging that Saylor has lived in D.C. for more than a decade while evading $25 million in D.C. income taxes and that MicroStrategy conspired to help him.