Texas billionaire charged in $2 billion tax fraud scheme — largest such case against an American

National News

Image: AP

SAN FRANCISCO (AP) — Federal prosecutors charged Texas billionaire Robert Brockman on Thursday with a $2 billion tax fraud scheme in what they say is the largest such case against an American.

Department of Justice officials said at a news conference in San Francisco that Brockman, 79, hid the money over 20 years through complicated schemes including filing false returns and setting up secret accounts all over the world to hide and launder money. They also charged him with investor fraud.

Prosecutors also announced that Robert Smith, founder and chairman of investment firm Vista Equity Partners, will cooperate in the investigation and pay $139 million to settle a tax probe.

“Complexity will not hide crime from law enforcement. Sophistication is not a defense to federal criminal charges,” said David L. Anderson, U.S. attorney for the Northern District of California.

“We will not hesitate to prosecute the smartest guys in the room,” he said.

Brockman is CEO of Reynolds and Reynolds Co. of Dayton, Ohio.

The indictment was unsealed Thursday and Brockman is scheduled to make an appearance in San Francisco.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Recent Videos

High School Basketball

Beulah Boy's Basketball

MLK Day

Vaccine Scam

KX Convo: Rep. Kelly Armstrong

Long-term Care Bill

KX Storm Team Full Evening Forecast w/Tom Schrader 1/18

Drinking Bill

Tobacco Bill

Quilting Group

ATW: Deonte Martinez

ATW: Cale Ibach

ATW: Dave Zittleman

After the Whistle: Inside the Play

Amber's Monday Morning #OneMinuteForecast 1/18

Light & scattered snow today and tonight

NDC JAN 18

After the Whistle: Jocelyn Julson

Plays of the week

Dickinson Gymnastics

More Video

Don't Miss

More Don't Miss

KX News Trending Stories

Latest Stories

More Local News