U.S. charges Houston technology mogul Robert Brockman with tax, securities fraud

In this news, we discuss the U.S. charges Houston technology mogul Robert Brockman with tax, securities fraud.

Federal prosecutors said Thursday they accused Houston-based CTO Robert Brockman of hiding $ 2 billion in revenue from the IRS over 20 years in the biggest tax evasion case against an individual in the history of the United States. At the same time, the U.S. District Attorney for the Northern District of California announced that he had entered into a no-prosecution agreement with Robert E. Smith, the billionaire CEO of Vista Equity Partners, in return for his help in securing charges against Brockman.

At a press conference, US attorney David L. Anderson said Brockman used various offshore entities in Bermuda and Nevis to evade taxes. He said Brockman had also bought and sold debt securities in his own company, “breaking the promise to investors not to buy or sell his own company debt.”

Anderson said Smith, who announced last year when Morehouse College was established that he would pay off 2019 graduate university debt, had accepted responsibility for his own crimes as part of the scheme. It will pay $ 139 million in taxes and penalties, drop a claim for a $ 182 protection refund, and pay interest under the deal.

“Although Smith willfully and knowingly violated the law, Smith accepted responsibility and agreed to provide full and fruitful cooperation,” Anderson said.

News Highlights:

  • He said Brockman also bought and sold debt securities in his own company, “breaking the promise to investors not to buy or sell his own company debt.” Anderson said Smith, who announced last year when Morehouse College was established that he would pay off 2019 graduate university debt, had accepted responsibility for his own crimes as part of the scheme.
  • US accuses Houston tech mogul Robert Brockman of securities taxes, fraud
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