Former Formula One boss Bernie Ecclestone pleads guilty to fraud

Former Formula One boss Bernie Ecclestone has admitted fraud at a court hearing after prosecutors charged him with failing to declare millions of dollars held in a trust in Singapore to Britain’s government. The 92-year-old billionaire appeared at Southwark Crown Court in central London. Ecclestone headed Formula One racing and controlled the sport for four decades from the 1970s to 2017, when he stepped down as chief executive and Liberty Media took over the series. Prosecutors allege he failed to declare a trust in Singapore with a bank account containing around $650 million when he was asked about any trusts abroad that he was involved in.