IRS Catches Billionaires

elvis

It's always heartening to me to see these guys get caught. I sure hope the stiff fines don't interfere too much with their philanthropy.


Federal prosecutors have charged Texas billionaire Robert Brockman with a $2 billion tax fraud scheme in what they say is the largest such case against an American.Department of Justice officials said at a news conference Thursday that Brockman, 79, hid capital gains income over 20 years through a web of offshore entities in Bermuda and Nevis and secret bank accounts in Bermuda and Switzerland. Prosecutors announced that the CEO of a private equity firm that aided in the schemes would cooperate with the investigation.


https://www.msn.com/en-us/news/us/tech-billionaire-charged-in-largest-ever-tax-fraud-for-hiding-2-billion-from-irs/ar-BB1a6QTe?ocid=msedgntp


Prosecutors also announced that Robert Smith, billionaire founder and chairman of Vista Equity Partners, will cooperate in the investigation and pay $139 million to settle his own tax probe. Smith, 57, stunned a senior class last year when he promised to wipe out the student loan debt of the entire graduating class at Morehouse, a historically Black all-male college.


(Bloomberg) -- Billionaire Robert F. Smith has been hailed as a brilliant investor who built Vista Equity Partners into a private equity powerhouse and a generous philanthropist lauded for paying off the student debt of Morehouse College’s entire graduating class last year. But federal prosecutors undercut that image on Thursday, saying Smith concealed income and evaded taxes for 15 years by using foreign trusts, corporations and bank accounts to cheat the Internal Revenue Service.



https://www.msn.com/en-us/money/companies/billionaire-robert-smith-admits-evading-taxes-for-years/ar-BB1a4Lq8?ocid=msedgntp


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bob_cville

No way should the IRS settle. If the only punishment for willful criminal tax fraud is to have to pay the taxes you would have owed had you not engaged in the tax fraud, that is essentially rewarding them for their efforts. There should be interest, and penalties and damages that should at least equal the total that ought to have been paid, plus jail time, lots of jail time. If some poor schmoe gets a lengthy sentence for stealing hedge clippers, these far more egregious thefts by deception deserve commensurate time in the stripey hole.

Next all the money managers, accountants and lawyers who abetted this multi-year ongoing scheme, should be fined, be stripped of credentials or be disbarred, and be imprisoned.

The only reason for setting up accounts in offshore tax havens is to hide assets and dodge taxes. Doing so, or helping clients to do so should be illegal, (assuming it isn't) and pressure should be applied on banks in these offshore tax havens to disclose all accounts and account holders to further aid in prosecution of tax cheats, or those banks' holdings in the United States should be frozen.

So kudos to the "Justice" Department in these two instances. However without reading any further I already know that the two billionaires in the OP support Democratic candidates, and oppose the Trump regime. Which is the primary reason the completely partisan "Justice" Department headed by Trump's fixer and de facto private lawyer Barr, was spurred into action. Lets see the same scrutiny applied to ALL billionaires, and multi-millionaires, and giant corporations, I'm sure the majority of them have similarly, illegally concealed assets. And perhaps include in those deserving such scrutiny, penniless, lying, braggart, tax-cheats who claim to be billionaires(AKA Trump) just so he doesn't feel left out.

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Annie Deighnaugh

Interesting...by any chance were these guys big Biden donors?

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olychick

Well, I was surprised the first guy was white....then I scrolled down. I think that's your answer.

If someone was really interested in posting about tax cheats, there'd be at least a mention of trump.

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elvis

They're Democrats? Are you sure? I looked for political affiliation and didn't find any. Sources?

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Gizmo

Good, 2 down and Trump to go Full stop

It looks like Robert Brockman supports Republicans through the back door when you do some googling.

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