Bernie Ecclestone received a 17-month prison sentence, suspended for two years, at Southwark crown court in London

LONDON (AP) — Bernie Ecclestonewho is the supreme leader Formula 1 to 2017, received a suspended sentence of 17 months in prison on Thursday after pleading guilty to failing to report to the British Treasury millions of dollars he had held in a trust in Singapore.

The 92-year-old billionaire accepted a civil settlement with Treasury authorities for payments of 652.6 million pounds (803 million dollars) owed to the Treasury over 18 years.

Bernie Ecclestone received a 17 month prison sentence, suspended for two years, at Southwark crown court in London.

On Thursday morning, he pleaded guilty to a charge of lying about the existence of a trust in Singapore, with a bank account with deposits of $650 million, when he was asked in 2015 whether he had trusts overseas.

The prosecution alleged that Ecclestone claimed that he had opened “solely a trust” for the benefit of his three daughters, and that he was not “an account holder or beneficiary of any trust within or outside the UK.” Prosecutors said he acted “dishonestly” and sought to enrich himself with his statements.

“He now accepts that he will have to pay taxes on this matter,” said prosecutor Richard Wright.

The judge described the offenses as serious, but added that he took into account various factors, including Ecclestone’s age and health, when determining the sentence.

Bernie Ecclestone He pleaded not guilty to the charges earlier this year.

His attorney, Christine Montgomery, told the judge Thursday that Ecclestone “deeply regrets the events leading up to this criminal trial.”

The tycoon took the lead Formula 1 and controlled the sport for four decades, from the early 1970s until 2017, when he stepped down as CEO and the Liberty Media conglomerate acquired the championship.

In recent years, Ecclestone made headlines for publicly praising Russian President Vladimir Putin and defending him for launching an invasion of Ukraine. He even said last year that he would take a “bullet” for Russia’s rulers.

That F1 He distanced himself from Ecclestone’s statements, stating that they did not represent his point of view. Ecclestone later apologized.