Ver is accused of defrauding the Internal Revenue Service (IRS) of an estimated $48 million by underreporting the value of his companies and falsely claiming he did not own any bitcoins during his expatriation process, according to a DOJ press release.
Despite renouncing his U.S. citizenship in February 2014, Ver was still legally obligated to report to the IRS and pay taxes on certain distributions, such as dividends, from his US-based companies. The DOJ alleges that Ver concealed information from his accountant regarding the receipt and sale of his companies' bitcoins in 2017.
WATCH: NFL LEGEND LAWRENCE TAYLOR ENDORSES TRUMP FOR PRESIDENT
May 02, 2024
By June 2017, Ver's companies reportedly still owned approximately 70,000 bitcoins. The DOJ alleges that Ver took possession of these bitcoins and sold tens of thousands of them on cryptocurrency exchanges in November 2017, netting around $240 million in cash.
WATCH: THE BEST KAMALA IMPRESSION AT A TRUMP RALLY
Ver, who earned his nickname through his promotion and acquisition of bitcoins for himself and his companies since 2011, has been a particular advocate for Bitcoin cash, as reported by Axios.
Bryan Skarlatos, Ver's attorney, expressed his client's disappointment and surprise at the charges. "Mr. Ver relied on leading tax professionals to help him report his Bitcoin and he always intended to fully comply with his US tax obligations. We look forward to establishing his innocence in court, if necessary," Skarlatos told the New York Post.
The DOJ press release noted that the United States will seek Ver's extradition from Spain to face trial.
Discover alternative ideas that will make you think
Engage in mind bending debate
Earn points, rise in rank, have fun
