Tinkov was accused by US authorities of concealing some $1 billion in assorted financial assets, a charge which eventually led to his arrest in February of 2020, after which he was able to make bail, in part because of his ongoing battle with leukemia. According to a press statement from his attorneys, the settlement is agreeable for both parties: “Mr Tinkov is grateful for the opportunity to resolve this case in a humanitarian way and is hopeful that it will allow him to focus his energy on fighting his illness.” Tinkov’s case is expected to be completely wrapped up after a sentencing hearing at the end of October, while a spokesperson for Tinkov has said he has sufficient funds to pay the $507 million settlement without liquidating any of his stock in his investment company TCS Group, which hoilds Tinkoff Bank. Even after paying his fine, Oleg will be worth around $7.5 billion. He made his first small fortune in the late 1980s trading everything from blue jeans to Japanese electronics products imported into Russia. In 1992 he founded a network of household goods stores called Technoshock. He then launched a brewery, a chain of restaurants and a record label. But it was Tinkoff Bank that provided the bulk of his massive fortune. Tinkoff Bank controls around $11 billion worth of assets today and generates around $1 billion in revenue and $300 million in profits, annually. Tinkoff Bank is publicly traded on the London Stock Exchange and currently has a market cap of $20 billion.
