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Again a situation in which the rich simply cannot lose. Fraud for 400 million, worst case they βcatchβ you and you have to settle for double, but he could have used that 400 million for years to expand his fortune, now that settlement is still cheap for him. Besides, if they never caught him, he would have had even more.
The only real punishment for these people is taking away their time, i.e jail time.
You're not wrong, but jail time and justice is not what motivates HMRC, or any other revenue department. They want one thing, and one thing only: The money. Putting people in jail costs money, letting rich people 'fess up and pay up is much more lucrative.
Putting people in jail is a deterrent. You do that and rich people start thinking very hard about breaking the law like that because suddenly itβs very much not worth it. They are already rich, losing a few mil is annoying but going to jail is devastating, especially when itβs so easily avoidable.
And now the rich are paying more taxes and so you make more money. Catching and convicting people of fraud isnβt exactly cheap either, and donβt forget that not everyone will be convicted.
Why not both? Pay back 400 million, plus interest and jail time?
I think that interest is added, specifically you pay https://www.irs.gov/payments/quarterly-interest-rates based on the quarters you were missing taxes.
Not sure if the numbers quoted here include that already
Well, other than the fact that we don't live in a perfect society (have you noticed yet?), because a rich, famous, influential 92 yo is probably the last person the authorities want in jail.
Taking their time in jail, pay the taxes they owe, plus pay the potential interest they gained from the fraud, plus a fine at least double the amount of the fraud would be a good start I think. Make it painful and not just a cost of doing business.
Could he be sentenced to not give out his opinions publicly please?
If he has money left, they didn't fine him enough
Thatβs a big sum. How rich is he?
Mega rich. Billions. A real low life and wheeler dealer. A massive blotch on F1
I dislike Bernie intensely, but let's not kid ourselves that the current F1 owners are motivated by anything except how much money they can screw out of the sport.
Oh definitely but they are also there to win and have the pride that comes with it