The United States Department of Justice (DOJ) has charged Roger Ver, a notable figure in the cryptocurrency world, with tax evasion. Ver, often referred to as Bitcoin Jesus due to his early and substantial investments in Bitcoin, was arrested in Spain. The DOJ now seeks his extradition to face trial in the United States.

Arrest and Extradition Efforts

The arrest followed allegations that Ver evaded taxes amounting to nearly $50 million. This purported evasion occurred around the time he renounced his U.S. citizenship and adopted citizenship in St. Kitts and Nevis. The DOJ claims that this tax evasion involved misreporting the true number of bitcoins he and his companies possessed.

Spanish authorities apprehended Ver over the weekend. The United States has initiated extradition proceedings to bring him back for trial. The charges underscore the ongoing crackdown on financial misconduct in the cryptocurrency sector.

Roger Ver Faces Charges for Bitcoin Sales

According to the DOJ, Roger Ver provided false information to legal and appraisal services. This misinformation led to the filing of tax returns that substantially undervalued his digital assets. Specifically, the returns underreported two of his companies’ ownership of 73,000 bitcoins.

In November 2017, at a time when Bitcoin values soared, Ver allegedly sold these bitcoins for approximately $240 million. However, this massive gain was not reported to the IRS, nor were the necessary taxes paid on this income.

The DOJ also alleges that Ver concealed from his accountant the fact that he had sold bitcoins owned by his companies, MemoryDealers and Agilestar. Consequently, his 2017 individual tax return failed to declare any gains or pay any taxes related to the sale of these Bitcoins.

Previous Legal Encounters

This is not Roger Ver’s first encounter with U.S. law enforcement. In 2002, Ver served 10 months in federal prison for selling injurious substances on eBay. His prior convictions and recent alleged actions highlight ongoing legal challenges.

Ver’s case also reflects broader enforcement trends within the cryptocurrency market. U.S. authorities continue to emphasize regulatory compliance and the importance of transparent financial dealings in this evolving sector.

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The post US DOJ Charges Bitcoin Pioneer Roger Ver with Tax Evasion appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am