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Sports Illustrated
Sports Illustrated
Madeline Coleman

Former F1 CEO Faces Fraud Charge of Over £400M

Bernie Ecclestone Simon York F1

British prosecutors announced Monday that former Formula One CEO Bernie Ecclestone will be charged with one count of fraud by false representation. 

The charge centers around more than £400 million ($477 million) in undeclared overseas assets. An investigation by Her Majesty’s Revenue and Customs discovered the 91-year-old allegedly failed to report the assets, but the prosecutor did not disclose where the assets were held. 

Simon York, director at the Fraud Investigation Service of Her Majesty’s Revenue and Customs, said this announcement comes after a “complex and worldwide” investigation into Eccleston. 

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