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Russian bank founder Oleg Tinkov renounced his U.S. citizenship in an effort to hide massive stock gains.

He founded Tinkoff Credit Services (TCS), a Russia-based branchless bank, in the mid-2000s. In 2013, TCS became a multibillion dollar, publicly traded company. Tinkov’s stake in the company soon reached a fair market value of over $1.1 billion. He then went to the U.S. Embassy in Moscow and renounced his U.S. citizenship. Tinkov falsified his expatriation paperwork and now owes $248,525,339 million in taxes to the IRS. He was ordered to pay interest on that amount and a nearly $100 million fraud penalty. He was sentenced to time-served and one year of supervised release.[/vc_column_text][/vc_column][/vc_row]