"The financial records of an Ontario man accused of laundering funds for an international drug smuggling operation came under scrutiny in a Toronto courtroom on Monday as he made his bid for release ahead of his extradition hearing. Prosecutors questioned Rolan Sokolovski on his tax reports and the financial statements of his jewelry business, Diamond Tsar, as well as the money he earned playing poker, which he said was enough to sustain his lifestyle for the better part of a decade."
"Sokolovski, a dual Lithuanian-Canadian citizen, said he made more than $100,000 a year from poker tournaments and cash games between 2013 and 2020, and got into cryptocurrency about seven years ago, profiting up to US$200,000 in some trades. None of that was declared to the Canada Revenue Agency, Sokolovski said, adding he believed earnings from gambling didn't have to be reported for tax purposes. He told the court he viewed trading cryptocurrency as another form of gambling."
"Sokolovski was arrested last fall along with several other Canadians accused of working with former Olympic snowboarder Ryan Wedding, an alleged drug kingpin listed as one of the U.S. Federal Bureau of Investigation's most wanted. Sokolovski accused of obtaining goods for Wedding U.S. authorities allege Sokolovski, who is 37, oversaw the organization's books, obtained luxury goods for Wedding and made a "bejewelled necklace" as payment for a murder."
An Ontario man accused of laundering funds for an international drug smuggling operation sought release ahead of extradition while prosecutors examined his tax filings and Diamond Tsar business records. He reported earning over $100,000 annually from poker between 2013 and 2020 and profited up to US$200,000 on some cryptocurrency trades begun about seven years ago. He did not declare those earnings to the Canada Revenue Agency, asserting gambling and crypto trading need not be reported. Canadian tax rules treat gambling winnings as windfalls unless they are business income, and disposing of cryptocurrency can create taxable gains or losses. He was arrested last fall amid allegations he worked with Ryan Wedding and helped obtain luxury goods, oversaw books, and made a "bejewelled necklace" as payment for a murder. The court considered potential sureties and imposed a publication ban to protect them.
Read at www.cbc.ca
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