Longtime Formula One boss Bernie Ecclestone, pled guilty to fraud and was handed a suspended prison sentence of 17 months after the 92-year-old Ecclestone did not divulge the existence of more than $400 million held in a trust in Singapore when questioned by British tax authorities in 2015. Ecclestone has agreed to repay more than $650 million in a civil settlement.
The billionaire – reportedly worth nearly three billion – was the chief executive of Formula 1 from 1978 to 2017 [and was Chairman Emeritus from 2017 to 2020] – during which time there were several controversies, the primary one being that he was using F1 organization to enrich himself through the fees associated with the awarding of grands prix to various countries [usually run by dictators].
Due to his advanced age and various medical conditions, Ecclestone is expected to avoid spending any time in prison while the tax amount is repaid.