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Software CEO Robert Brockman charged in $2 billion tax evasion case

October 17, 2020. Summarized by summa-bot.

FILE - In this May 17, 2011, file photo, Robert Brockman and and Dorothy Brokman attend an intimate al fresco dinner celebrating the Rice University groundbreaking of James Turrell's Rice University Skyspace project at the home of Phoebe and Bobby Tudor in Houston. Federal prosecutors have charged Texas billionaire Robert Brockman in a $2 billion tax fraud scheme that they say is the largest such case against an American. Department of Justice officials said Thursday, Oct. 15, 2020 in San Francisco that the 79-year-old Brockman hid the money over 20 years through a web of offshore entities in Bermuda and Nevis and secret bank accounts in Bermuda and Switzerland. (Dave Rossman/Houston Chronicle via AP, File)

Texas tech mogul Robert T. Brockman has been charged in a $2 billion tax evasion case, the largest ever tax charge in the United States, law enforcement officials said.

A federal grand jury returned an indictment alleging that Brockman, the CEO of software company Reynolds & Reynolds, engaged in tax evasion, wire fraud, money laundering and other crimes as part of a nearly 20-year scheme to conceal around $2 billion in income from the Internal Revenue Service and defraud investors in his software firm's debt securities, federal authorities said in a release.

A spokesperson for Reynolds & Reynolds said the allegations in the indictment focus on activities Brockman engaged in "outside of his professional responsibilities with Reynolds & Reynolds," according to a statement provided to CNN Business.

Smith, of Vista Equity Partners, accepted responsibility for his role in the alleged tax evasion scheme and agreed to a non-prosecution agreement, officials said.

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