Michael Saylor A Division of NBCUniversal. The complaint alleges that Saylor purchased the Georgetown property in 2005 before buying two adjoining penthouse units, combining them into a single residence Saylor calls Trigate, and also purchased a penthouse unit in Adams Morgan. That purchase came just after Saylor spent $5 million on custom woodwork for Trigate, which Saylor formed from his purchase of three units at the K Street NW Georgetown building between 2006 and 2008, the lawsuit says. Even yet, Saylor spent 70 more days in DC than in Florida, so he was also liable for taxes there that year. 2023 Decrypt Media, Inc. as a billionaire tech executive who has lived in the District for more than a decade, but has never paid any DC income taxes.. So far, the revelations in the action havent dented the flagship cryptocurrencys price. Saylor was informed by the CFO (who is not named) that he could no longer justify hiding Saylors true residence. Saylors net worth remains under $1 billion, according to Forbes estimates. According to the lawsuit, since 2005, You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Naturally, the heaviest weight by far would fall on Saylor; treble damages on the back taxes alone would amount to $75 million. 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 Select the best result to find their address, ", This is the first suit that the Attorney General is bringing under DCs recently updated False Claims Law, he added, which [encourages] whistleblowers to report residents who evade our tax laws by misrepresenting their residence.. The booklet is chock with of amusing tidbits that highlight Saylors love for the nations capital: How Saylor combined three opulent Georgetown waterfront apartments to create the 7,000 square foot penthouse he calls Trigate, as well as where he actually lived most of the time, the yacht and backup craft he docked in front of the residence, his frequent appearances at the prestigious Cafe Milano, and his addiction to flying around the world in MicroStrategys Bombardier Global Express private jet, for which the FAA maintains flight records that provide an almost perfect representation of Saylors travel to and from the District for the past 20 years. WebSPONSOR(S): Commerce Committee, Michael and Jacques, and others TIED BILLS: IDEN./SIM. Powered and implemented by Interactive Data Managed Solutions. (For Fortunes full look at Michael Saylors wild career and massive bet on Bitcoin, read the full story here.). Washington, DC, Attorney General Karl Racine today announced that he is filing civil charges against cloud computing software company MicroStrategy and its founder Michael Saylor over alleged tax fraud. Under Saylors leadership, the firm became one of the most significant corporate backers of bitcoin: MicroStrategy has bought about 129,699 bitcoins since 2020 at almost $4 billion. The performance was so dreadful that Saylor stepped down as CEO to become executive chairman, tasked mainly with heading the Bitcoin acquisition strategy. Data is a real-time snapshot *Data is delayed at least 15 minutes. The company did not immediately respond to a request for comment. MicroStrategy had multiple sources of information regarding Saylors true location and residency, but that the company actively conspired with Saylor to enable his fraud, including by filing inaccurate W-2s with the address of his property in Florida rather than his home in DC, and by failing to withhold and remit DC taxes, the attorney generals office said. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. MicroStrategys Michael Saylor is leaving his role as CEO to become Executive Chairman of the company, according to a statement released by the company on Tuesday afternoon. WebMichael Saylor is a resident of Washington D.C., and has been for a long time. university In its second quarter report released on August 2, the company booked a staggering operating loss of $918 million. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Want to see the total eclipse in 2024? 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. He soon obtained a drivers license, registered to vote, and started paying his taxes in Florida. Even now, I believe the company is being valued higher than it truly is as a profitable business. The only exception was 2012. In an Aug. 2 news release announcing the leadership change, MicroStrategy said that Saylor would also remain chairman of its board of directors. Because of the appalling performance, Saylor resigned as CEO and took on the additional responsibilities of executive chairman, chief among them being the acquisition strategy for Bitcoin. Local guides, travel tips and the latest industry news, D.C. attorney general sues billionaire, alleging income tax evasion. 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. Apparently, Saylor and the CFO believed that using fringes in lieu of cash would ensure that the scheme go undetected. Michael Saylor's House in McLean, VA (Google Maps) (#2) Microstrategy stock tanked 3.6% on the news, closing at $231.56 on Wednesday. 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. By using this website you agree to our terms and conditions and privacy policy. According to the attorney generals suit, Microstrategy knew that Saylor lived in Washington but helped him evade taxes. 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. from his long-held role as MicroStrategy CEO to take on the new role of executive chairman, which he said would enable him to double down on the firms strategy of acquiring and holding large amounts of Bitcoin. 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. Beginning in 2012, according to the complaint, Saylor purchased a home in Miami Beach, obtained a Florida drivers license and registered to vote there despite living primarily in D.C. The property is 35 years old, which is fifteen years younger than the average age of a building in Miami Beachof 50 years. Although MicroStrategy is based Saylor SEARCH REPORTS. Michael Saylor, Chairman & CEO, MicroStrategy, pauses as he speaks during the Bitcoin 2022 Conference at Miami Beach Convention Center on April 7, 2022 That included a $903 million impairment charge from its trove of almost 130,000 Bitcoin. Shortly thereafter, he got a drivers license and registered to vote in the Florida, and began filing his taxes in the Sunshine State, while spending most of his time in DC, commuting to MicroStrategys headquarters in Tyson Corner, Va and indulg[ing] in the Districts social scene. Adds the complaint, He even suggested that his friends from New York, California, or the District, were fools if they did not evade the personal income taxes imposed by their respective states by similarly acquiring a house in Florida and spending time there.. The Company was not responsible for his day-to-day affairs and did not oversee his individual tax responsibilities. MicroStrategy shares fell 6.3% Wednesday when the lawsuit was announced, and were down 2.8% Thursday just ahead of the opening bell. Racine described Saylor as a billionaire tech executive who has lived in the District for more than a decade, but has never paid any DC income taxes.. MicroStrategy in its own statement denied the allegations and vowed to defend aggressively against this overreach., The case is a personal tax matter involving Mr. Saylor, the statement said. "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. Michael J Saylor - Miami Beach, FL - PublicDataDigger.com (These terms have special meanings under the Fair Credit Reporting Act, 15 USC 1681 et seq., ("FCRA"), which are incorporated herein by reference.) He proudly posts pictures of his Georgetown pleasure dome in the final phases of combining the surrounding units into opulent Trigate in them on Facebook. Additionally, MicroStrategy is being sued for an undetermined sum of money. You may opt-out by. Simply log into Settings & Account and select "Cancel" on the right-hand side. 2023 CNBC LLC. Gain a global perspective on the US and go beyond with curated news and analysis from 600 The property was built in 1988. MicroStrategy stated in a statement that the lawsuit included Mr. Saylors personal tax matter. The posts showcase a luxury penthouse on the Georgetown waterfront that he allegedly spent millions of dollars to renovate, plus yachts docked on the Potomac. Around 2014, the AG's office claims in the lawsuit, MicroStrategy's then-chief financial officer confronted Saylor about his alleged tax evasion being a potential liability for the company. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Gwinny has developed an expertise in cryptocurrencies and continually researches and participates in this field, while developing her skills as. Saylor denied the accusations in a statement to Forbes, saying he resides in Florida and he looks forward to a fair resolution in the courts.. So far, the suit hasnt destroyed that following. "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.". Get The 7 DMV newsletter in your inbox every weekday morning. Between unpaid taxes and penalties, Racine estimates that Saylor and MicroStrategy could be on the hook for more than $100 million. Eventually, Saylor bought a house in Vienna, though both Bansal and Saylor report that he still has no living room furniture. 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. Washington, D.C., Attorney General Karl Racine said Saylor has resided in the nations capital for over a decade but has never paid any income taxes, claiming Saylor legally owes tax payments on hundreds of millions of dollars of income. Additionally, the Company did not assist Mr. Saylor in evading his personal tax obligations. Got a confidential news tip? Saylor is a major bitcoin influencer on Twitter, and MicroStrategy is the largest corporate holder of the cryptocurrency. The District of Columbia's claims against the Company are false and we will defend aggressively against this overreach.". But Saylors made a once-healthy enterprise a proxy for the riskiest major investment vehicle in history. "View from my Georgetown balcony this morning," Saylor wrote on the social-media site in 2012, according to the suit. The new lawsuit alleges Saylor failed to pay income tax he owed to the district starting in 2005. The suit is also seeking unspecified amounts from MicroStrategy. 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. 2 killed, 4 wounded in Mississippi shooting; man arrested, 150 years later, Dixon bridge tragedy among nation's worst, Presidential candidate Vivek Ramaswamy says he wants to 'shut down the FBI' and replace it with something that sounds a lot like the FBI, Sanders: Biden could win in a landslide, Yosemite Valley reopens Sunday ahead of schedule, Florida teen girls arrested over ominous graffiti in school bathroom, Japan PMs Support Tops 50% Amid Speculation on Early Vote. Its clear that the whistleblower saw a great deal of Michael Saylor, and given the knowledge of the jockeying inside of MicroStrategy, might well have been a high-ranking executive. All rights reserved. Michael Saylor The MicroStrategy whistleblower offers up fascinating WebLaw360 (August 31, 2022, 8:21 PM EDT) -- Washington, D.C.'s attorney general announced a whistleblower lawsuit Wednesday accusing billionaire Michael Saylor of evading $25 Share. In mid-August, it was selling for an incredible $4 billion. Eva Marie Uzcategui | Bloomberg | Getty Images, Watch CNBC's full interview with MicroStrategy CEO Michael Saylor at Bitcoin 2022. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. 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.. According to the lawsuit, since 2005, Saylor has lived in Trigate, his 7,000-square-foot waterfront D.C. penthouse. Michael Saylor analyse how our Sites are used. Michael Saylor MicroStrategy boss Michael Saylor evaded $25 million in District of Columbia taxes, its AG alleges. His residence had been listed by MicroStrategy as Florida for years, even on the CEOs W-2. The exact amount Saylor owes is not specified in the complaint. Michael Saylor Michael Saylor is the co-founder, chief executive officer and chairman of the board of MicroStrategy Incorporated Saylor and MicroStrategy ended up reaching an agreement where Saylor's salary would be reduced to a nominal $1, the lawsuit claims, in order to reduce the risk authorities would discover the alleged scheme. The lawsuit was sealed and remained private until the District filed a different action on the last day of August that essentially contained the same accusations. Michael Saylor He is a white, non hispanic Michael Saylor's House in Bridgehampton, NY (Google Maps) The most stunning accusation against Saylor is that he allegedly recruited his subordinates at MicroStrategy to join forces in a complex scheme to perpetrate the fraud. As of June 29, MicroStrategy held 129,699 BTC, which is worth nearly $2.6 billion today. Racine alleges the company conspired to help Saylor evade the taxes. The AG's office said it's seeking to recover a total sum of over $100 million in unpaid taxes and penalties. "The company was not responsible for his day-to-day affairs and did not oversee his individual tax responsibilities, nor did the company conspire with Mr. Saylor in the discharge of his personal tax responsibilities. The whistleblowers story is rather in-depth, in fact. Note that the content on this site should not be considered investment advice. The lawsuit, which Racine filed Aug. 22 in D.C. Superior Court, alleges that Saylor has for years fraudulently claimed to be a resident of lower-tax jurisdictions despite living in a 7,000-square-foot penthouse on the Georgetown waterfront. Check if your MicroStrategy, which holds the largest Bitcoin treasury among public companies, has helped Saylor "evade taxes he legally owes on hundreds of millions of dollars hes earned while living in DC," Racine tweeted today. MicroStrategy's Michael Saylor accused of dodging $25 million in For a full comparison of Standard and Premium Digital, click here. Put simply, MicroStrategy is a meme stockand thanks to Saylors cult following a durable one at that. The complaint charges that from 2014 to 2019, Saylor resided between 270 and 331 days in DC, including trips to and from the District. Saylor, according to him, only cast in in three Florida general elections using absentee ballots delivered to him from his corporate headquarters in Virginia. 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. FORTUNE may receive compensation for some links to products and services on this website. of fraud from the United States Securities and Exchange Commission (SEC) back in 2000, after the company was alleged to have doctored its numbers and falsely reported profits despite losing money. We use Tracking his movements shows that he spent the majority of the days either physically present in DC or commuting in and out. ", The company said the D.C. attorney general's accusations "are false, and we will defend aggressively against this overreach. WebWe found 25 records for Michael Lee Saylor in Saint Petersburg, Crestview and 13 other cities in Florida. Following a whistleblower lawsuit, Racines office investigated allegations and found that Saylor avoided paying more than $25 million worth of DC income taxes. HOUSE OF REPRESENTATIVES STAFF ANALYSIS BILL Michael 2.9%. In response to the suit, Saylor issued a statement declaring, A decade ago, I bought an historic house in Miami Beach and moved my home there from Virginia. The District case arises from an earlier complaint filed by a whistleblower. Saylor allegedly claimed to reside in Virginia or Florida, which have lower or no personal income tax rates, while actually living in several different homes around D.C., including a penthouse apartment in the Georgetown neighborhood or on his yacht on the Georgetown waterfront or Potomac River when the apartment was undergoing renovations, according to the lawsuit. For cost savings, you can change your plan at any time online in the Settings & Account section. BILLS: REFERENCE ACTION ANALYST STAFF DIRECTOR or 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 about the scheme. Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. 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. Federal taxes due on these benefits were paid for by the corporation. Barrett in 1928, has 13 bedrooms and 12 bathrooms, as well as a 150-person grand ballroom. Saylor must pay triple the amount in back taxes, interest, and penalties if he loses since the new fraud statute includes treble damages. The truth about the prophet who once pretended to be a seer while pushing Bitcoin may soon come to light. "Whatever the outcome, I think investors are likely overreacting to this story.". 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. It claims that from 2013 to 2020, Saylor spent the most of her time in DC despite claiming to reside in Florida, a state without income taxes. "The case is a personal tax matter involving Mr. Saylor," Microstrategy said in a statement to Decrypt. DISCLAIMER: You may not use our service,this website or the information it provides to make decisions about consumer credit, employment, insurance, tenant screening, or any other purpose that would require FCRA compliance. or Saylor, who was worth over $2 billion in 2020, lost his billionaire status in May as bitcoin and MicroStrategy shed value. In a statement, MicroStrategy said, "The case is a personal tax matter involving Mr. Saylor. Miami Beach, FL 33141. Microstrategy (NASDAQ: MSTR) and its BTC maximalist founder Michael Saylor are being sued by the District of Columbia for $25 million in unpaid taxes. "I respectfully disagree with the position of the District of Columbia, and look forward to a fair resolution in the courts," he added. MicroStrategy boss Michael Saylor evaded $25 million in District of Columbia taxes, its AG alleges. Michael Saylor is the co-founder, chief executive officer and chairman of the board of He never stayed in Florida for more than 71 days in a single year. "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. MicroStrategy Chair Michael Saylor accused of tax evasion by "A decade ago, I bought an historic house in Miami Beach and moved my home there from Virginia," Saylor said in a statement. Insider contacted MicroStrategy for comment from the company and its executive chairman on the allegations, but had not received a reply at time of writing. According to the complaint, Saylor spent between 270 and 331 days in DC between 2014 and 2019, including travel to and from the District. Racine believes that MicroStrategy conspired to enable the scheme, including filing false W-2 statements with his Florida residence listed. Sign up for theFortune Features email list so you dont miss our biggest features, exclusive interviews, and investigations. 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