Early Bitcoin (CRYPTO: BTC) investor Roger Ver reached a settlement with the Department of Justice on Tuesday over his tax evasion case, paying nearly $50 million in back taxes and penalties.
Ver Admits To Misconduct
Ver confessed to intentionally not disclosing his Bitcoin holdings and paying the required capital gains tax on their sale, the DOJ said in a press release, resulting in a loss of nearly $17 million to the U.S.
Ver admitted to the “intentional violation” of a known legal obligation and paid the Internal Revenue Service $50 million in back taxes, penalties and interest. The DOJ said it has moved to dismiss the indictment against him.
"Mr. Ver is accepting responsibility for his actions and has agreed to pay a substantial penalty," said Acting U.S. Attorney Bill Essayli of the Central District of California. "Every person, whether you're a millionaire or not, is required by law to pay taxes and we will not hesitate to hold anyone accountable."
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Closure For ‘Bitcoin Jesus’
Ver 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.
He avoided a tax liability on BTC sales in 2017, with the DOJ 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 vocal Bitcoin critics, such as Peter Schiff, expressing support for him.
Ver was an early investor in Bitcoin and Bitcoin-related startups like Bitcoin.com and blockchain.com.
Photo Courtesy: Deemerwha studio on Shutterstock.com
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