Former Formula 1 Chief Bernie Ecclestone avoids prison after admitting guilt in £400 million fraud case.

Bernie Ecclestone, the former boss of Formula One, was sentenced to 17 months in prison suspended for two years on Thursday after pleading guilty to fraud.

On July 7, 2015, Ecclestone failed to declare a trust in Singapore with a bank account containing around $650 million when asked by HMRC officers whether he had any links to further trusts “in or outside the UK”.

Ecclestone had previously pleaded not guilty, but admitted the charge at Southwark Crown Court on Thursday.

The 92-year-old has agreed a civil settlement of £652,634,836 in respect of sums due to HMRC over the course of 18 years, which includes a penalty of more than £340 million. He was also ordered to pay prosecution costs of £74,000.

In his sentencing remarks, Mr Justice Bryan said that Ecclestone’s offending was so serious that neither a fine or a community order would be appropriate.

However, he said that he had taken into consideration a number of mitigating factors, including Ecclestone’s health, age, and that he has no previous criminal convictions.

Ecclestone is the former boss of Formula One, and is estimated to have a net worth of $2.9 billion.

In 2014, Ecclestone agreed to pay £60 million to bring an end to a bribery trial in Germany. As a result of that investigation, HMRC opened a tax fraud investigation into Ecclestone.

Ecclestone pleaded guilty to fraud on Thursday, and has been sentenced to 17 months in prison suspended for two years. He has also agreed to pay a civil settlement of £652,634,836 to HMRC.