*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.
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.