The businessman allegedly failed to pay taxes on about $200 million in assets.
Billionaire Robert Smith has reached a $140 million settlement with the DOJ as part of a four-year criminal tax investigation.
Smith, who famously pledged to pay off the debt of Morehouse College students last year, must also acknowledge misconduct related to tax crimes and assets held in offshore tax structures.
theGRIO previously reported, Smith allegedly failed to pay taxes on about $200 million in assets that moved through offshore accounts tied to Robert Brockman, a Houston software businessman.
Brockman reportedly gave Smith $1 billion in 2000 to start his equity firm, funds that originated from a charitable trust based in Bermuda.
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Smith has reportedly been on the radar of the IRS since 2014, Bloomberg reported. That year, the billionaire reportedly approached the federal agency seeking amnesty from prosecution under a program to Americans who did not report offshore assets. The IRS, however, declined Smith’s request. The agency reportedly turns down taxpayers if it already knew they had not reported offshore accounts.