Court dismisses civil complaint against MicroStrategy Chairman and Bitcoin Bull Michael Saylor
A new filing with the US Securities and Exchange Commission (SEC) reveals that a court has ruled in favor of Michael Saylor in a civil lawsuit against the popular Bitcoin (BTC) bull.
SEC filings show that in August, the District of Columbia attorney general’s office filed a civil complaint accusing Saylor of violating the False Claims Act and failing to pay his personal income taxes of more than $25 million.
The complain also names MicroStrategy as a defendant, alleging that the largest corporate owner of Bitcoin conspired with Saylor to help the BTC fire evade tax payments.
The SEC filing signed by MicroStrategy senior executive vice president and general counsel W. Ming Shao reads,
“The District’s complaint sought, among other things, relief, monetary damages under the District’s False Claims Act for Mr. Saylor’s alleged failure to pay personal income taxes to the District over a number of years along with penalties, interest and treble damages.”
Last October, the defendants filed a motion to dismiss the complaint.
In a February 28 ruling, the court threw out charges that both MicroStrategy and Michael Saylor violated the False Claims Act.
“The court granted defendant’s motion to dismiss the complaint, dismissing the sole claim against [MicroStrategy]who claimed that Mr. Saylor and [MicroStrategy] conspired to violate the District’s False Claims Act, as well as a claim against Saylor, alleging that Saylor violated the District’s False Claims Act.
However, the indictment accusing Saylor of committing tax fraud still stands.
“The court did not dismiss claims against Saylor alleging that Saylor failed to pay personal income taxes, interest and penalties owed. A status conference in the case is scheduled for 10 March 2023. The final outcome of this case cannot yet be determined.”
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