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March 5, 2023

Court Dismisses Civil Complaint Against MicroStrategy Chairman and Bitcoin Bull Michael Saylor

By Rhodilee Jean Dolor

A new filing with the U.S. Securities and Exchange Commission (SEC) reveals that a court has ruled in favor of Michael Saylor in a civil lawsuit lodged against the popular Bitcoin (BTC) bull. 

SEC documents show that in August, the Office of the Attorney General for the District of Columbia filed a civil complaint accusing Saylor of violating the False Claims Act and not paying his personal income taxes amounting to more than $25 million.

The complaint also names MicroStrategy as a defendant, alleging that the largest corporate owner of Bitcoin conspired with Saylor to assist the BTC firebrand to 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 relief, monetary damages under the District’s False Claims Act for the alleged failure of Mr. Saylor to pay personal income taxes to the District over a number of years together with penalties, interest, and treble damages.”

In October of last year, the defendants filed a motion to dismiss the complaint.

In a February 28th ruling, the court threw out the charge that both MicroStrategy and Michael Saylor violated the False Claims Act. 

“The court ruled on Defendants’ motion to dismiss the complaint, dismissing the sole claim against the [MicroStrategy], which alleged that Mr. Saylor and [MicroStrategy] conspired to violate the District’s False Claims Act, as well as a claim against Mr. Saylor, alleging that Mr. Saylor violated the District’s False Claims Act.

However, the charge accusing Saylor of committing tax fraud still stands.

“The court did not dismiss claims against Mr. Saylor alleging that Mr. Saylor failed to pay personal income taxes, interest and penalties due. A status conference in the case is scheduled for March 10, 2023. The final outcome of this matter is not presently determinable.”

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