Billionaire Robert Smith Investigated By Feds For Possible Criminal Charges!

TheGrio.com. By Stephanie Guerilus, Posted September 8th 2020

The nation’s wealthiest Black man is accused of failing to disclose foreign assets

Billionaire Robert Smith is reportedly being investigated by Justice Department prosecutors and the IRS over possible tax crimes.

Smith, who famously pledged to pay off the debt of Morehouse College students last year, is now the subject of a federal probe. Bloomberg reported Friday that sources told them that federal authorities have spent the past four years investigating the financier for not paying $200 million in taxes.

It is further being alleged that Smith may have moved assets to offshore accounts to avoid paying U.S. taxes. Thus far, Smith has not been charged with any crime but prosecutors may move forward if it is determined that “the beneficial owner of Caribbean entities that received proceeds from his company’s first private equity fund, according to two of the people. A portion eventually flowed through the offshore entities into a U.S. charitable foundation where Smith is president and founding director,” according to the Bloomberg report.

A U.S. citizen must pay taxes on any income even if the transaction does not take place in the country. The failure to declare foreign assets will alert the IRS at which point a civil settlement can be reached or prosecutors get involved.

The outlet added sources described Smith as apparently working with authorities to forgo any prosecution, settle the matter, and pleading for leniency. A possible conviction would force Smith out of his Vista Equity Partners management firm, $65 million fine and a prison sentence.