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Black Billionaire (Robert Smith) Has to Pay Back $140M After Admitting to Tax Evasion / VIDEO

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Robert F. Smith

*Robert Smith, the richest Black person in America, will have to give a hefty amount of his wealth back to the IRS.

According to reports, the amount is almost $140 million based on tax evasion tactics that Smith has admitted to using after he was exposed following a four-year U.S. tax investigation by The Department of Justice and the Internal Revenue Services.  Smith, 57, has been cooperative with the two powerful government agencies.

Forbes magazine recently published on its online platform that Smith avoided prosecution because he agreed to cooperate in a case against Houston businessman Robert Brockman, who has been accused of using a number of entities in the Caribbean to hide $2 billion in income.

MORE NEWS: Geo. Floyd’s Killer Derek Chauvin Has Divorce Settlement DENIED Due to Possibility of Fraud

Robert F. Smith

Robert F. Smith

For his own part, Smith is not running away from the wrongdoing of evading taxes.   He said over a three-year period, he failed to file accurate reports of foreign bank and financial accounts, known as FBARs.

Smith , who is CEO of  the private equity firm Vista Equity Partners based in Texas, has been called a brilliant businessman, chemical engineer, and investor.  His net worth has been estimated at $7 billion.

For the most part, Smith has been flying under the radar because his name was not a household name, per se.  Yet, he was picked up by public radar in 2019, when he gave the commencement speech at Morehouse College in Atlanta.  During the speech, he shocked all in attendance, especially the college’s graduating class, when he promised to pay off each graduate’s student loan debt.  It was estimated to total $34 million.

 

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Business

Al Harrington & ‘Smoke: Marijuana + Black America’ (EUR Exclusive/Watch)

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Al Harrington, Smoke Marijuana Black America

*This week BET rolls out “Smoke: Marijuana + Black America,” narrated and executive-produced by Nasir “Nas” Jones.

The original documentary, examines marijuana’s cultural, social, economic and legal impact on American society and the Black community. Told through the lens of aficionados, policymakers, advocates and innovators in the booming legal cannabis industry. EUR correspondent Fahnia Thomas spoke with former NBA player and cannabis investor Al Harrington about Viola, Harris and Mary Jane.

FT: Why did you want to be a part of “Smoke?”

AH: We don’t have a lot of representation in this cannabis space. There aren’t a lot of places to get information especially from someone like myself that’s an operator in multiple states. I want people to understand my journey and the journey of people of color. It’s a tough place, it’s not easy and we’re not always welcomed into the space.

We have to understand the history of cannabis and how Black people played a part in where we are today as a society. All of our freedoms were taken away and all of our lives were mostly impacted negatively around the cannabis plant. Now there’s this new billion dollar industry we don’t have a real position in. We don’t have a seat at the table and that’s a crime. There’s enough money to go around for everybody. There needs to be more inclusion of people of color. If it wasn’t for the sacrifices we made – our freedoms – we wouldn’t be having these conversations.

CHECK THIS OUT: RADIOSCOPE RAW Podcast: Our Uncut 1989 Interview with Lakeside

Al Harrington, Smoke Marijuana Black America

Al Harrington in BETs ‘Smoke: Marijuana + Black America’

FT: What struggles have you faced and continue to face in the cannabis industry?

AH: It’s been about 10 years since I first started and one of my first challenges was being able to differentiate good advice from bad advice. I had attorneys who told me the wrong things to do and I don’t think they did it on purpose, they just didn’t know. A lot of these rules are up to your interpretation. Also, I was still playing in the NBA when I started [getting into the cannabis industry] and I had keep to myself in a position where I didn’t lose my contract or get locked up. Then, once I started to scale the business I realized how hard it was to fund a business. Some would think with the resources I have it should be easy – like everyone is going to give me money – but that wasn’t the case. When I think about how difficult it was for me to raise money, I could only imagine how difficult it would be for someone who isn’t a celebrity or athlete. How would they ever be able to participate in this industry? It’s so expensive to be a part of it.


FT: Your company Viola launched an incubator program to provide small Black owned businesses resources within the cannabis industry, how can people apply?

AH: Through our website – when they hear the incubator program a lot of people think I’m randomly picking people, it’s not like that. It’s way more difficult. We’re looking for entrepreneurs that are already in the space, have started a business and they need resources to be able to scale it up, like back office support. They can use our platform to elevate their business. Even some people operating in the gray market that have really solid brands but are in states that don’t have their programs fully built out yet, can’t find enough resources – like capital to get a license. So we would say, ‘join us and use my license to be able to get on the right side of the business and grow from there.’ Maybe they have a following and they just need a license or a grow space or access to distillate. Viola would be able to get those resources to them.

Al Harrington, Smoke Marijuana Black America

Al Harrington in BETs ‘Smoke: Marijuana + Black America’

FT: “Smoke” features testimonies from other notable individuals like Vice President-Elect Kamala D. Harris, what can you share about her role?

AL: She has a history of locking up people of color and at the end of the day you can’t blame her because she was doing her job. I like that she has grown from her way of thinking…throwing the book at guys for low level drug offenses – and now is trying to figure out how we can expunge these records and give these guys an opportunity to really come back into society and be successful. When you go to jail and you serve your debt to society as they say and you come home it follows you. It could eventually force you back into a life of crime. I know some of the things she is focusing on is expungement, re-entry and changing the way we look at cannabis and the stigma.

“Smoke: Marijuana + Black America” premieres on BET Wednesday, November 18 at 10pm ET/PT.

 

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Automotive

JeffCars.com’s Review: 2020 Genesis G90

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2020 Genesis G90 (Photo Credit: JeffCars.com)

*Standard Equipment (Premium): 19-inch wheels; rear wheel drive; an 8-speed automatic transmission; a 12.3-inch touchscreen infotainment system; a navigation system; complimentary service valet; a push button keyless starter; Nappa leather seats; a suede headliner; power front seats; heated front and rear seats; ventilated front seats; a power sunroof; a 3-zone automatic temperature system; a heads up display (HUD) system; an automatic radar activated cruise control system; a front seat wireless charging system; a power tilt/telescopic system; a power rear side and rear sunshade; power door closure; a hands free power operated trunk; and carpeted floormats

Other Trim Levels:

5.0-litre Ultimate

Standard Audio On Test Vehicle: a 17-speaker Lexicon system AM/FM/HD audio system with SiriusXM

Apple CarPlay/Android: Yes

Bluetooth Connectivity: Yes

USB Connectivity: Yes

Large-1691-2020GenesisG90

2020 Genesis G90 (Photo Credit GMA)

Bumper-to-Bumper Warranty: 5 years or 60,000 miles

Powertrain Warranty: 5 years or 60,000 miles

Standard Engine/Horsepower: 3.3-liter, 6-cylinder/365-hp (horsepower)

Recommended Fuel: Premium

Standard Fuel Mileage17-city/25-hwy

What’s New: The first generation G90 has undergone a mid-cycle refresh.

To continue reading the review, click here.

Jeff Fortson of JeffCars.com

Jeff Fortson (Photo Credit: JeffCars.com)

About The Reviewer:  Jeff Fortson is the host of Auto Trends with JeffCars.com, the only  multicultural syndicated automotive radio show on the airwaves. The 30-minute weekly show, which airs on SiriusXM 141 and a number of FM radio dials, includes one-on-one conversations with many of today’s pioneers and influencers. The engaging show, which goes beyond traditional car talk, can be heard via all mobile and stationary infotainment devices by tuning in here.

 

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Business

‘Shop Black Week’ Is On for Nov. 20-27: Support Black Businesses & Recycle Black Dollars (Video)

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Shop Black Week

*Early projections indicate that over $400,000,000 could be spent during “Shop Black Week” (SBW) 2020.

SBW was created to encourage ALL Americans to spend money with Black-owned businesses.  With the success of the SBW campaign last year, early interest from supporters, copycat initiatives, and the SBW website’s daily organic traffic, SBW Organizers predict that millions of Americans will participate, and if only 15-20% of Black adults spent at least $50 with Black-owned businesses, the $400,000,000 projection is an easily attainable goal.

Everyone making a purchase from a Black-owned business during SBW November 20-27th should hashtag #shopblackweek and let everyone know about any purchases including business names, locations, dates and photos. All interested businesses should register and become qualified to be listed in the SBW Directory at shopblackweek.org.

“Everyone now seems to recognize that Black lives really do matter, and thanks to Shop Black Week, everyone will understand that Black economics matter too,” says Carla Tillman, PhD, SBW’s National Director. Fortunately, many high-profile celebrities, athletes, and influencers see a tremendous personal responsibility to do something to shift the narrative and hopefully Black and non-Black influencers will support SBW too.  “We believe the heightened awareness of the campaign is slated to be well-received and gain massive support and partnership,” says Aysha Jackson, SBW’s Campaign Coordinator.

In order for SBW to be successful, 1) high-quality Black-owned businesses must be made readily available; 2) the impact of SBW must extend beyond a week, and 3) if ALL Americans supported SBW spending just $35, it could be the biggest economic campaign in history for Black Americans.  Therefore, SBW Organizers 1) ensure that high-quality Black-owned businesses can be found via the website (shopblackweek.org), 2) the impact starts during the campaign, then extends into the holiday season and throughout the following year, and 3) urging ALL Americans to participate, means that SBW would be the single most important special shopping week for Black Americans.

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