Oleg Tinkov convicted of tax fraud and handed $500 million fine

OIeg Tinkov
(Image credit: Getty Images)

Oleg Tinkov, the former owner of a cycling WordTour squad and the founder of the Tinkoff bank has been convicted of fraud in the US. The Russian has been handed a huge fine of $500 million fine, and a suspended one-year jail sentence. The huge fine was double the amount Tinkov had hoped to pay.

Last year the former owner of the Tinkoff-Saxo cycling team, which included Peter Sagan and Alberto Contador, paid bail of £20 million to avoid going to jail on remand after a provisional arrest warrant was issued by American prosecutors.

Tinkov is reported to be worth £2.2 billion after creating and then selling a series of business, in the electronics, pasta, beer and most recently banking sectors. The online Tinkoff Bank currently has around eight million customers in Russia and Tinkov floated the bank on the UK stock market.

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