Former Tinkoff owner Oleg Tinkov convicted of tax fraud and fined over $500 million

The Russian was also handed a one-year suspended jail sentence

Oleg Tinkov fined tax fraud
(Image credit: Getty Images)

The United States Department of Justice has fined Oleg Tinkov nearly $509 million, and handed the Russian a suspended one-year jail sentence for committing fraud. 

The former owner of the now disbanded WorldTour cycling team Tinkoff, which included Peter Sagan and Alberto Contador, pleaded guilty on October 1 to felony charges of concealing more than $1 billion in assets to avoid paying tax, after he gave up his US citizenship in 2013. He was indicted for this offence in 2019, because US citizens are required to declare income and pay taxes even if they live and work outside the country. 

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Staff Writer

Ryan is a staff writer for Cycling Weekly, having joined the team in September 2021. He first joined Future in December 2020, working across FourFourTwo, Golf Monthly, Rugby World and Advnture's websites, before making his way to cycling. After graduating from Cardiff University with a degree in Journalism and Communications, Ryan earned a NCTJ qualification to further develop as a writer.