Age, Biography and Wiki
Igor Olenicoff was born on 1942 in Moscow, Russia, is an American businessman. Discover Igor Olenicoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Learn How rich is he in this year and how he spends money? Also learn how he earned most of networth at the age of 82 years old?
Popular As |
N/A |
Occupation |
Businessman |
Age |
82 years old |
Zodiac Sign |
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Born |
1942, 1942 |
Birthday |
1942 |
Birthplace |
Moscow, Russia |
Nationality |
Russia
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We recommend you to check the complete list of Famous People born on 1942.
He is a member of famous Founder with the age 82 years old group.
Igor Olenicoff Height, Weight & Measurements
At 82 years old, Igor Olenicoff height not available right now. We will update Igor Olenicoff's Height, weight, Body Measurements, Eye Color, Hair Color, Shoe & Dress size soon as possible.
Physical Status |
Height |
Not Available |
Weight |
Not Available |
Body Measurements |
Not Available |
Eye Color |
Not Available |
Hair Color |
Not Available |
Who Is Igor Olenicoff's Wife?
His wife is Jeanne M. Patterson
Family |
Parents |
Not Available |
Wife |
Jeanne M. Patterson |
Sibling |
Not Available |
Children |
2 |
Igor Olenicoff Net Worth
His net worth has been growing significantly in 2023-2024. So, how much is Igor Olenicoff worth at the age of 82 years old? Igor Olenicoff’s income source is mostly from being a successful Founder. He is from Russia. We have estimated Igor Olenicoff's net worth, money, salary, income, and assets.
Net Worth in 2024 |
$1 Million - $5 Million |
Salary in 2024 |
Under Review |
Net Worth in 2023 |
Pending |
Salary in 2023 |
Under Review |
House |
Not Available |
Cars |
Not Available |
Source of Income |
Founder |
Igor Olenicoff Social Network
Instagram |
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Wikipedia |
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Imdb |
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Timeline
Igor Olenicoff (born 1942) is an American billionaire and real estate developer.
Olenicoff was born in Moscow in 1942.
After the war, his family being tsarists, fled the Soviet Union for Iran where he was educated by missionaries.
In 1957, his family emigrated to the United States.
In the U.S., his father Michael, an engineer, worked as a janitor, and his mother, Zina, worked as a housekeeper.
He graduated from the University of Southern California with an undergraduate degree in corporate finance and mathematics as well as an M.B.A.
After school, he worked as a consultant and corporate executive.
In 1973, he purchased a 16 unit duplex with his newly founded company Olen Properties.
Since then, he has grown the firm and now owns more than 6.4 million square feet of office space and nearly 12,000 residential units in Las Vegas, Arizona, California, and Florida.
However, Olenicoff told the magazine that he did not own the company, claiming that it was owned by an offshore company–incorporated company since 1980.
Olen's offshore corporate parent was first headquartered in the Cayman Islands, the Bahamas and Denmark.
According to Forbes, the IRS was investigating Olenicoff for tax evasion.
The IRS contended that Olenicoff was the sole owner of Olen and used Bahamas-domiciled Sovereign Bancorp Ltd. as an offshore vehicle to hide assets from the IRS and his creditors in order to evade taxes.
Olenicoff denied he owned Sovereign, claiming that it was a Russian parastatal investment vehicle established by Boris Yeltsin, and that it had merely lent money to Olen.
While the prosecutor admitted that Olenicoff had cooperated with the government as per the terms of his plea bargain, he had illegally used off-shore banks to avoid taxes since at least 1992." Assistant U.S. Attorney Brett Sagel argued that a shorter probation period would enable the billionaire to speedily repatriate his assets, which currently were out reach of the IRS.
U.S. District Court Judge Cormac Carney sentenced Olenicoff to two years on probation and 120 hours of community service.
The government had not asked for community service.
Carney also fined Olenicoff $3,500 and levied a $100 fee on the felon.
He sentenced him to two years probation and 120 hours of community service.
The judge specified that the community service had to be separate from Olenicoff's charitable activities.
The IRS hit Olenicoff with a $77 million for back taxes and penalties for the years 1996 and 1997 and was investigating him and Sovereign for the 2002 and 2003 tax years.
Olenicoff became a client of UBS in 2001, and transferred $200 million to the bank using credit cards supplied by Birkenfeld.
In 2006, Forbes Magazine estimated his fortune at $1.6 billion, based upon his sole ownership of Olen Properties.
In 2007, he was convicted of tax evasion stemming from his use of off-shore companies and Swiss banks to hide his financial assets.
It was later revealed that Olenicoff was listed on signature cards held by Barclays Bank (Bahamas) as chairman of Sovereign Bancorp and as the president of the National Depository Corporation, Ltd. In 2007, the IRS reported that he also maintained accounts for these two entities at Solomon Smith Barney's British operations, as well as controlled accounts for other offshore companies in Canada and Liechtenstein in which monies from Olen Properties were shifted abroad to avoid taxes.
In 2022, Olenicoff sued Newport Beach to block a competing real estate developer from building an apartment complex near John Wayne Airport.
Olenicoff used California Environmental Quality Act to argue that the environmental impact of the development had not been assessed.
Housing advocates characterized the Olenicoff lawsuit as "CEQA abuse" and a pretext to block competing housing.
Olenicoff was ensnared in the UBS scandal, in which the Swiss private bank was revealed to have helped American citizens evade billions of dollars in taxes owed to the U.S. government.
Olenicoff was recruited to UBS from Barclays Bank by Brad Birkenfeld, who subsequently blew the whistle on UBS's abetting of tax evasion by wealthy Americans.
In December 2007, Olenicoff pleaded guilty to a single felony count of filing a false tax return for 2002.
He admitted to tax evasion and of misleading the IRS about his offshore accounts in the Bahamas, Liechtenstein, Switzerland, and the United Kingdom.
As part of his plea bargain, Olenicoff paid a $52 million fine and agreed to repatriate his offshore funds to the United States.
In his sentencing on April 14, 2008, Olenicoff blamed his situation on bad financial advice from accountants, bankers, and lawyers and his own thoughtlessness, claiming it was never his intent to defraud the government.
On its part, the federal government argued against his serving a prison sentence since he had no prior convictions and his crime had hurt no one financially.
Sentencing guidelines called for a prison sentence of up three years, which typically resulted in a sentence of six months, but the federal prosecutors advised against sending Olenicoff to jail.
The U.S. probation officer recommended that Olenicoff receive a sentence of one year on probation, while the prosecutor's memorandum recommended probation for three years.
Olenicoff filed a lawsuit against UBS and Birkenfeld in 2008, seeking up to $1.7 billion in damages.
Olenicoff alleged that UBS and Birkenfeld had engaged in fraud and conspiracy by giving him bad advice, i.e., that he could avoid paying U.S. taxes by moving his assets to the Swiss bank.
American tax law permits residents to have off-shore bank accounts, but they are required to file a Tax Form W9 disclosing the accounts as part of their tax returns.