Former F1 CEO Bernie Ecclestone Pleads Guilty to Fraud, Gets 17-Month Prison Sentence

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Former Formula One CEO Bernie Ecclestone was given a suspended 17-month prison sentence Thursday after pleading guilty to fraud.

According to Sky Sports News, the 92-year-old’s prison sentence will be suspended for two years before he is required to serve it:

Per Sean Seddon of BBC News, the fraud charge stemmed from Ecclestone failing to declare a £400 million trust he set up in Singapore while meeting with British tax authorities in 2015.

In addition to the prison term, Ecclestone reached a civil settlement in which he agreed to pay nearly £653 million to HM Revenue and Customs.

While Ecclestone originally pleaded not guilty to the charges, he changed his plea to guilty on Thursday.

According to Seddon, Ecclestone’s legal team argued that he should not be sentenced to prison due to his “advanced age, medical issues, and low level of risk to the public.”

Before becoming the F1 head, Ecclestone was a driver, competing in two Formula One grand prix races in 1958.

He eventually became a driver manager and then a team owner, leading to his rise into the position of Formula One Constructors’ Association CEO.

From there, Ecclestone became the point man for negotiating television rights deals for the F1 grand prix races, and that is how he ultimately became a billionaire.

Per Forbes, Ecclestone has an estimated net worth of $2.9 billion.

He remained in his role as F1 CEO until January 2017 when he was replaced by Chase Carey following Liberty Media’s purchase of the racing league.

Shortly thereafter, Ecclestone was named F1’s chairman emeritus, and he served in that position until 2020.