Famed Bitcoin (CRYPTO: BTC) investor Roger Ver reached a preliminary agreement with the Justice Department to resolve a criminal tax fraud case against him, according to a report published Thursday.
Will Ver Pay ‘Tax Liabilities’?
The agreement, which is yet to be officially filed with the court and could potentially be modified, may result in the charges being dropped if Ver complies with the terms of the agreement, reported The New York Times, citing sources with knowledge of the matter.
Ver, popularly known as "Bitcoin Jesus," was indicted on fraud and tax evasion charges last year for neglecting to pay $48 million in taxes on his cryptocurrency holdings. The agreement would necessitate Ver to pay approximately the same amount to the government.
Benzinga contacted the Justice Department and Ver for confirmation, and the story will be updated once they respond.
The Curious Story Of Ver
Ver allegedly began acquiring significant amounts of BTC for himself and his companies in 2011. In 2014, he renounced U.S. citizenship, triggering a legal obligation to report capital gains and pay an “exit tax” on his holdings.
The DOJ alleged that Ver avoided a tax liability on BTC sales of $240 million in 2017, arguing that he was legally required to report and pay taxes on certain distributions even though he was not a U.S. citizen.
Ver’s case has garnered significant attention, with even cryptocurrency critics like Peter Schiff expressing support for him.
Earlier this year, Ross Ulbricht, the pardoned founder of the Silk Road marketplace, publicly advocated for clemency for Ver
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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