Billionaire Charged In $2 Billion Tax Fraud Scheme

Billionaire Charged In $2 Billion Tax Fraud Scheme

A Texas billionaire was charged for a 20-year long tax fraud scheme in which he allegedly concealed around $2 billion from the IRS, the Department of Justice announced Thursday.

Prosecutors said that the case against Robert T. Brockman, the CEO of Ohio-based software company Reynolds and Reynolds Co, is the largest tax fraud case against an American in history, the Associated Press reported. The 39 count indictment charges Brockman with tax evasion, wire fraud, money laundering, and other offenses, the Department of Justice said in a press release.

CEO of Multibillion-dollar Software Company Indicted for Decades-long Tax Evasion and Wire Fraud Schemes

— Justice Department (@TheJusticeDept) October 15, 2020

Trending: Costco pulling products allegedly made with forced monkey labor

Brockman is accused of using entities in Bermuda and Nevis to hide income that he earned from his investments in private equity funds from the IRS. The indictment alleges that Brockman used secret bank accounts in Bermuda and Switzerland to hide his untaxed capital gains income, backdated records, and used secret code words and encrypted communications to talk with his co-conspirator. (RELATED: John McAfee Facing Charges For Tax Evasion)

Between 2008 and 2010, Brockman also allegedly fraudulently acquired around $67.8 million of his software company’s debt

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!
Send this to a friend