From 2008 to 2010, Brockman committed fraud to obtain approximately $67.8 million in Reynolds & Reynolds debt securities. Under his contract as CEO, he cannot purchase any of the company’s debt securities without advance notice full disclose, and amending the associated credit agreements. Brockman sidestepped those requirements using a third party, according to the indictment.
The indictment further alleged that the Texas billionaire purchased debt securities using the material, non-public information about the software company.
Moreover, Brockman allegedly another individual to alter, destroy, and mutilate documents and computer evidence to prevent a grand jury investigation.
The DOJ and IRS are committed to prosecuting tax crimes
In a statement, DOJ Tax Division Principal Deputy Assistant Attorney General Richard Zuckerman said, “Today’s indictment reflects the Department of Justice’s commitment to finding and prosecuting the costliest and most sophisticated tax crimes in the United States.”