Baller Alert
  • Home
    • News
    • Entertainment
    • The Baller Alert Show
    • Baller Alert Lists
    • Baller Alert Exclusives
    • Let Me Liv
    • Ballerific Music
    • That’s Baller
    • Fashion
    • Metaverse
    • Tech
    • Lifestyle
    • Sports
    • Op-Ed
    • Travel
    • Health
  • EVENTS
  • Videos
  • Shop
  • About
  • Political News
  • en español
No Result
View All Result
  • Home
    • News
    • Entertainment
    • The Baller Alert Show
    • Baller Alert Lists
    • Baller Alert Exclusives
    • Let Me Liv
    • Ballerific Music
    • That’s Baller
    • Fashion
    • Metaverse
    • Tech
    • Lifestyle
    • Sports
    • Op-Ed
    • Travel
    • Health
  • EVENTS
  • Videos
  • Shop
  • About
  • Political News
  • en español
No Result
View All Result
Baller Alert
No Result
View All Result

Billionaire Robert Smith Who Said He Would Pay Off Morehouse Student Debt Admits To Tax Fraud

by Regan
October 17, 2020
Reading Time: 2 mins read
0
Robert F. Smith Admits To tax fraud

(Photo by Morehouse College Instagram)

Share on FacebookShare on Twitter

Robert Smith, the black billionaire who announced he would pay off the debt of Morehouse College students a year ago, just admitted to an illegal scheme to conceal income and evade taxes by the use of offshore trusts and bank accounts for 15 years.

According to The Hill, the Justice Department announced on Thursday that Smith entered a non-prosecution agreement. He admitted to his involvement in the scheme and agreed to cooperate with the ongoing investigation.

The billionaire also agreed to pay back $139 million in taxes and penalties, and he agreed to release $182 million in charitable contribution deductions. 

“It is never too late to do the right thing,” U.S. Attorney David Anderson said in a statement. “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.”

Smith, who lives in Austin, TX, admitted to using third parties to conceal his beneficial ownership and control of the Excelsior Trust in Belize and Flash Holdings, a shell company. He formed these entities specifically so he could use them to avoid paying taxes.

The CEO of Vista Equity Partners confessed to using the Excelsior Trust and Flash Holdings and their foreign accounts in the British Virgin Islands and Switzerland to hide income earned and distributed to Flash Holdings from private equity funds.

The alleged scheme allowed Smith to get away with not reporting over $200 million of partnership income.

Robert F. Smith Admits To tax fraud
Photo by Morehouse College Instagram

Share this:

  • Click to share on X (Opens in new window) X
  • Click to share on Facebook (Opens in new window) Facebook
  • Click to share on Mastodon (Opens in new window) Mastodon
  • Click to share on Reddit (Opens in new window) Reddit
  • Click to share on X (Opens in new window) X
  • Click to share on WhatsApp (Opens in new window) WhatsApp
  • Click to share on Tumblr (Opens in new window) Tumblr
  • Click to email a link to a friend (Opens in new window) Email
  • Click to share on Pinterest (Opens in new window) Pinterest

Like this:

Like Loading...

Discover more from Baller Alert

Subscribe to get the latest posts sent to your email.

Tags: Robert Smithtax evasion

Related Posts

Tropical Storm Chantal Slams South Carolina Coast, Flood Threats Rise Across the Carolinas
News

Tropical Storm Chantal Slams South Carolina Coast, Flood Threats Rise Across the Carolinas

July 6, 2025

Tropical Storm Chantal has officially made landfall in eastern South Carolina, and she’s not letting up. The National Hurricane Center...

Media Personality 4xtra Suffers Gruesome Firework Injury on July 4th, Fingers Reportedly Blown Off
News

Media Personality 4xtra Suffers Gruesome Firework Injury on July 4th, Fingers Reportedly Blown Off

July 6, 2025

A popular media personality reportedly suffered a serious hand injury during his fireworks festivities. Rapper and No Jumper host 4xtra...

Conor McGregor Eyes UFC Comeback at the White House in 2026
News

Conor McGregor Eyes UFC Comeback at the White House in 2026

July 6, 2025

Conor McGregor wants in on the controversial UFC fight scheduled to take place at the White House. On July 4th,...

Alabama Fireworks Disaster Sends Six to Hospital, Prompts State Investigation
News

Alabama Fireworks Disaster Sends Six to Hospital, Prompts State Investigation

July 6, 2025

A Fourth of July celebration turned dangerous when a fireworks explosion hospitalized six people on Lake Martin in Tallapoosa County,...

Next Post
Portland Protests

Trump Administration Sued By Cities Over Federal Agents In Portland

Leave a ReplyCancel reply

Baller News

Subscribe To Our Newsletter

* indicates required

Follow Us

Subscribe to Blog

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

© Copyright 2024, Baller Alert Inc. All Rights Reserved

No Result
View All Result
  • Home
    • News
    • Entertainment
    • The Baller Alert Show
    • Baller Alert Lists
    • Baller Alert Exclusives
    • Let Me Liv
    • Ballerific Music
    • That’s Baller
    • Fashion
    • Metaverse
    • Tech
    • Lifestyle
    • Sports
    • Op-Ed
    • Travel
    • Health
  • EVENTS
  • Videos
  • Shop
  • About
  • Political News
  • en español
%d