The founder of a Russian bank has pleaded guilty to filing a materially false tax return and agreed to pay $500 million in penalties after admitting to concealing more than $1 billion in assets when renouncing his US citizenship.

Oleg Tinkov, also known as Oleg Tinkoff, was born in Russia and became a naturalized United States citizen in 1996. From that time through 2013, he filed US tax returns. In late 2005 or 2006, Mr Tinkov founded Tinkoff Credit Services (TCS), a Russia-based branchless bank that provides its customers with online financial and banking services. Through a foreign entity, Tinkov indirectly held the majority o...