Ex-F1 Boss Ecclestone Confesses To Massive £400 Million Deception

Billionaire Ecclestone Confesses To Multi-Million Fraud

Bernie Ecclestone pictured in 2016. Credit: PatrickLauzon photographe/Shutterstock.com

FORMER F1 boss and billionaire, Bernie Ecclestone was in court this morning to plead guilty to a multi-million fraud case.

On Thursday, October 12, at Southwark Crown Court, London, Bernie Ecclestone, the ex-head of Formula One, confessed to a massive financial deception of nearly half a billion pounds, according to Metro.

Ecclestone’s Hidden Assets

In 2015, Ecclestone concealed an overseas trust in Singapore. This trust held an eye-watering $650 million US, equivalent to about £400 million back then.

The charge against him stated, that Ecclestone had ‘established only a single trust, that being one in favour of your daughters and other than the trust established for your daughters you were not the settlor nor beneficiary of any trust in or outside the UK’.

The 92-year-old is father to three adult daughters: Deborah, Tamara, and Petra. Additionally, he has a young son named Ace.

For nearly four decades, starting in the late 1970s and ending in 2017, Bernie Ecclestone was the driving force behind Formula One.

Other Ecclestone Controversies

After stepping down as race chief, Ecclestone made headlines with several contentious comments. In 2020, he remarked that ‘in many cases black people are more racist than what white people.’

Furthermore, in 2022, while being interviewed on Good Morning Britain, he claimed that Vladimir Putin was a ‘first class person’, even after Russia’s unlawful invasion of Ukraine.

With this latest admission, Ecclestone avoids a trial that was set for the following month. However, his tenure in the highest level of motorsport will now be tainted with this revelation.

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Written by

John Ensor

Originally from Doncaster, Yorkshire, John now lives in Galicia, Northern Spain with his wife Nina. He is passionate about news, music, cycling and animals.