- Bloomberg reported Wednesday that billionaire Robert Smith will pay 140 140 million for a four-year tax investigation settlement.
- The CEO of private equity firm Vista Equity Partners will admit the misconduct, but will not be prosecuted, sources told Bloomberg.
- The settlement amount, which is expected to be announced as early as Thursday, includes refunds, taxes, fines and interest.
- Bloomberg, reported in Blo Gust Smith, was the subject of a four-year investigation into outstanding taxes on assets worth 200 200 million by the Department of Justice and the Internal Revenue Service.
- Last year, Smith hit the headlines when he pledged to repay a 2019 full-time student loan at More House College Ledge.
- Visit Business Insider’s homepage for more stories.
Billionaire Robert Smith, who pledged a year ago to pay off the debts of a full class of college graduates, will pay 140 140 million for a four-year tax settlement involving assets held in sh offshore tax havens, Bloomberg reported Wednesday.
Bloomberg quoted sources familiar with the matter as saying Smith had told some of the pending contract officials on Wednesday. Smith, who heads private equity firm Vista Equity Partners, is cooperating with the investigation, and will admit to misconduct but will not be prosecuted, Bloomberg said.
read more: UBS says investors need to diversify away from Big Tech – and shares 3 strategies that will keep them on top of the next phase of market recovery.
Bloomberg Justice Department and Internal Revenue Service officials reported in August Gust that the billionaire technology investor and philanthropist has four years to investigate whether property taxes are due on assets moved by H-Houston-based businessman Robert Brockman.
The settlement, which could be announced as early as Thursday, includes back taxes, fines and interest, according to a source. That doesn’t include Vista, Bloomberg said.
A spokesman for Smith and Vista Equity Partners and a U.S. attorney declined to comment to Bloomberg on the nature of the deal.
read more: Chevy co-founder Ryan Cohen has learned the crucial skills he learned from War Run Buffett and his father, and explains why he’s at Apple Pal.
Smith’s settlement includes a non-legal action agreement that states he failed to pay about આશ 30 million in taxes, along with penalties and interest for outstanding payments, a source said in a telephone conversation with Smith on Wednesday.
The man added that Smith admitted on the phone that he had failed to file accurate reports of foreign bank and financial accounts for three years, also known as the FBAR.
The headlines came last year when Smith pledged to pay off the full 2019 graduate student debt at Morehouse College in Georgia.