Celebrity Tax Problems - Billionaire Robert Smith Evades Taxes

Robert Smith has been called a brilliant investor who made Vista Equity Partners into the Private Equity giant it is. You might remember Mr. Smith from his commencement speechat Morehouse College, where he generously promised to pay off the entire graduating class student debt.

Even with his incredible generosity and philanthropy, the federal government was on to him. Claiming he has concealed income and evaded taxes for over 15 years by using foreign trusts, corporations and bank accounts to cheat the Internal Revenue Service .

U.S. attorney, David Anderson states, "Smith committed serious crimes, but he also agreed to cooperate." What Anderson is referring too is the cooperation with  largest indictment in US tax history . Mr. Smith provided information and will be a key witness in the trial.

Mr. Smith had committed a long list of tax crimes throughout the years. This includes:

• $2.5 million in untaxed funds to renovate a vacation home in Sonoma, California.
• Paying for it with private equity funds deposited into accounts in the British Virgin Islands and Switzerland.
• He purchased two ski properties using funds from the Switzerland account.
• He transferred money from the Switzerland account to a U.S. account to build a $13 million home in Colorado.
• Paid an attorney $800,000 to create a false paper trail involving entities from 2000-2014.
• Transfer $182 million in shares from an account to a charity to claim charitable contributions.
• Filed a false report of foreign bank and financial accounts, also known as FBAR. Failing to declare his positions in his Swiss accounts.
• And More

Mr. Smith tried to take advantage of the US government and got lucky that he only had to give them some money.