Robert Smith, a Black American billionaire, Chairman, and CEO of Vista Equity Partners admitted his involvement in a tax evasion scheme for 15 years and entered into a non-prosecution agreement with the Department of Justice (DOJ) to cooperate with ongoing investigations on the mRoberatter.
Smith is the wealthiest Black American with a net worth of $7 billion, He gained widespread popularity last year when he promised to pay off the student loans of the graduating class of Morehouse College.
According to the DOJ, Smith also agreed to pay a total of more than $139 million in taxes and penalties. That amount includes approximately $56 million in taxes and penalties arising from unreported income and $82 million in taxes and penalties from concealing his bank accounts overseas.
Additionally, Smith agreed to abandon his protective claims for a refund totaling approximately $182 million, which were file with the Internal Revenue Service (IRS). The protective refund claims include in par his charitable contribution deductions in 2018 and 2019.
