**Bitcoin Jesus, Roger Ver, Arrested for Alleged Multi-Million Dollar Fraud:**
A Cryptocurrency Pioneer Faces Federal Charges
In a dramatic turn of events, Roger Ver, the self-proclaimed “Bitcoin Jesus,” has been arrested in Spain on charges of fraud and tax evasion. Ver, who was once a high-profile advocate for the digital currency, is now accused of cheating the U.S. government out of millions of dollars.
High-Flying Early Adopter
Ver’s journey in the cryptocurrency world began as an early adopter of Bitcoin. Through two of his businesses, he acquired hundreds of the then-worthless coins. As Bitcoin’s popularity soared, so did Ver’s fortune and fame, leading to his adoption of the “Bitcoin Jesus” moniker.
Controversial Expatriation
In 2014, Ver made a controversial move by renouncing his U.S. citizenship and obtaining citizenship in St. Kitts, an island known for its low taxes. Federal law required Ver to report and pay taxes on his Bitcoin holdings during this process.
Alleged Tax Shenanigans
Federal prosecutors allege that Ver failed to disclose his cryptocurrency transactions and profits to his accountant and the IRS. Furthermore, they claim he omitted any gains from his 2017 tax return, resulting in a loss of at least million to the IRS.
Fraudulent Activities
Ver faces three counts of mail fraud in addition to the tax evasion charges. He is accused of committing fraud in connection with various transactions involving Bitcoin.
Potential Prison Sentence
If convicted, Ver could face up to 20 years in federal prison for each mail fraud count, up to 5 years for each tax evasion count, and up to 3 years for each count of submitting a false tax return.
Ongoing Investigation
The IRS is continuing its investigation into the case.
A Cautionary Tale
Ver’s arrest serves as a stark reminder that even those who helped pioneer a transformative technology can fall prey to the allure of illicit profits. It also highlights the importance of complying with tax laws and the potential consequences of evading taxes.
Data sourced from: ktla.com
