Taxes
Russian Billionaire Oleg Tinkov to Pay $500 Million for U.S. Tax Fraud
- Bank founder, 53, pleads guilty to filing false tax return
- Sentencing set for Oct. 29 in Oakland, California, court
Oleg Tinkoff
Photographer: Anthony Kwan/BloombergThis article is for subscribers only.
TCS Group’s billionaire founder Oleg Tinkov agreed to pay more than $500 million and pleaded guilty in a 2013 U.S. fraud case that accused him of concealing assets to evade paying taxes, the Justice Department said.
Tinkov, 53, hid $1 billion in assets and income when he renounced his U.S. citizenship following TCS Group’s initial public offering, according to an indictment unsealed last year. After his was arrested in February 2020 in London, he was contesting extradition to the U.S. while undergoing treatment for leukemia.