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Ecclestone to pay $800m after pleading guilty to tax fraud (racer.com)
submitted 2 years ago by to c/formula1@lemmy.world
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[โ€“] 33 points 2 years ago (2 children)

Again a situation in which the rich simply cannot lose. Fraud for 400 million, worst case they โ€œcatchโ€ you and you have to settle for double, but he could have used that 400 million for years to expand his fortune, now that settlement is still cheap for him. Besides, if they never caught him, he would have had even more.

The only real punishment for these people is taking away their time, i.e jail time.

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  • [โ€“] 4 points 2 years ago* (last edited 2 years ago) (2 children)

    You're not wrong, but jail time and justice is not what motivates HMRC, or any other revenue department. They want one thing, and one thing only: The money. Putting people in jail costs money, letting rich people 'fess up and pay up is much more lucrative.

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  • [โ€“] 12 points 2 years ago

    Putting people in jail is a deterrent. You do that and rich people start thinking very hard about breaking the law like that because suddenly itโ€™s very much not worth it. They are already rich, losing a few mil is annoying but going to jail is devastating, especially when itโ€™s so easily avoidable.

    And now the rich are paying more taxes and so you make more money. Catching and convicting people of fraud isnโ€™t exactly cheap either, and donโ€™t forget that not everyone will be convicted.

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  • [โ€“] 9 points 2 years ago (2 children)

    Why not both? Pay back 400 million, plus interest and jail time?

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  • [โ€“] 3 points 2 years ago

    Taking their time in jail, pay the taxes they owe, plus pay the potential interest they gained from the fraud, plus a fine at least double the amount of the fraud would be a good start I think. Make it painful and not just a cost of doing business.

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