If there was a Grand Prix for tax evasion, Bernard Ecclestone may have just won the championship title. Once nicknamed the F1 Supremo, Ecclestone made a name for himself as the CEO for Formula One. But the 92-year-old’s massive fortune will likely take a sharp left turn after pleading guilty to tax fraud charges on Thursday, one month before the trial was set to start.
The major point of contention is an overseas trust that amounted to more than £416 million (or $492 million), which Ecclestone admitted he failed to report to HM Revenue and Customs (HMRC).
