In his statement of facts, the billionaire and private equity firm CEO admitted that he “engaged in an illegal scheme to illegal scheme to conceal income and evade taxes he owed by using an offshore trust structure with related foreign corporations and offshore bank accounts” from 2000 to 2015.
Smith also admitted that he willfully filed series false documents with the IRS and the Treasury Department as part of his illegal tax evasion scheme.
Smith’s tax evasion problems tied to fellow billionaire Robert Brockman
As part of the agreement, the DOJ and the IRS will not prosecute him for his wrongdoing but he will cooperate in the agency’s ongoing tax evasion investigations against Texas billionaire Robert Brockman.
In a statement, U.S. Attorney for the Northern District of California, David Anderson said, “It is never too late to do the right thing. It is never too late, to tell the truth. Smith committed serious crimes, but he also agreed to cooperate. Smith’s agreement to cooperate has put him on a path away from indictment.”
