Federal prosecutors on Thursday charged Houston software executive Robert Brockman with multiple counts of tax evasion, money laundering, and wire fraud for allegedly hiding $2 billion in income over 20 years. Officials say the case is the largest criminal tax evasion prosecution in U.S. history, The Wall Street Journal reports. Brockman, 79, is chief executive of automation software company Reynolds & Reynolds Co., but the charges stem from his investment in a private equity fund managed by Vista Equity Partners and its founder, billionaire Robert Smith.
Smith, 57, reached a plea deal with prosecutors, admitting to willfully evading $43 million in federal taxes, agreeing to pay $139 million in fines and back taxes, and cooperating with the investigation. In return, he won't be prosecuted. Brockman is the sole investor in Vista's first private equity fund. His investment helped Smith become the wealthiest Black man in the U.S. Smith announced last year that he would pay off all student loans for the 2019 graduates of Morehouse College.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
