Ecclestone Facing Fraud Charges Over £400m in Overseas Assets

Formula One mogul Bernie Ecclestone is facing fraud charges in the UK over undeclared overseas assets worth more than £400 million ($477 million).

The UK’s Crown Prosecution Service said Monday it authorized the charge of fraud by false representation for the 91-year-old’s failure to declare the assets after an investigation by HM Revenue and Customs. The prosecutor didn’t say where the assets were held.

“HMRC is on the side of honest taxpayers and we will take tough action wherever we suspect tax fraud,” Simon York, director of the fraud investigation Service at HMRC said. “Our message is clear –- no ...