The US Department of Justice has unsealed the indictment against Oleg Tinkov, accusing the Russian-born businessman of failing to pay taxes after renouncing his US citizenship and threatening him with six years behind bars.
Tinkov, 52, was detained and released on bail in London earlier this week, pending an extradition hearing. On Thursday, the US Department of Justice unsealed the indictment against him, dated September 26, 2019.
The DOJ accuses Tinkov of failing to report and pay taxes on the “constructive sale of his worldwide assets” when he renounced his citizenship in 2013, three days after the initial public offering of his bank’s shares on the London Stock Exchange. Tinkov allegedly reported his income that year was less than $206,000, and his net worth as $300,000 in the expatriation papers, despite supposedly earning more than $1 billion from the sale of his TCS bank shares.
If extradited to the US and convicted, Tinkov could face up to six years in prison – three on each count of the indictment – as well as additional supervised release, and have to pay restitution and monetary penalties to the IRS.
The banker has reportedly posted a £20 million ($25.5 million) bail and agreed to remain under house arrest from 7 pm to 7 am, report to the police three times a week, and surrender his passports.
