Software CEO billionaire Robert Brockman indicted in alleged elaborate tax-evasion scheme

A Texas billionaire has been charged in the largest alleged tax scheme in U.S. history.

Robert Brockman, the 79-year-old CEO of software company Reynolds & Reynolds, is accused of attempting to conceal a staggering $2 billion, officials claim.

In a blistering 44-page indictment that spells out numerous alleged attempts of financial impropriety, Brockman is accused of money laundering, wire fraud, tax evasion, evidence tampering, destruction of evidence and conspiracy.

A federal grand jury reached its conclusion after being told of a nearly 20-year scheme to stash approximately $2 billion in income from the Internal Revenue Service and defraud investors in his software firm’s debt securities, said federal authorities in a statement.

Among the more seedier points in the 39-count indictment are allegations of operating murky foreign bank accounts, purchasing a luxury yacht called Turmoil and an encrypted email system that utilized code names to communicate with employees.

a man wearing a suit and tie: Texas technology mogul Robert Brockman has been indicted in a $2 billion tax-evasion case.

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Billionaire CEO of software company indicted for alleged $2 billion tax evasion schemes

The billionaire chief executive of Ohio-based Reynolds and Reynolds Co, Robert Brockman, has been indicted on charges of tax evasion and wire fraud conducted over “decades.”

The scheme, in which roughly $2 billion was hidden away in offshore accounts and through money laundering, took place between 1999 and 2019, the US Department of Justice (DoJ) said on Thursday. 

See also: DoJ charges four brothers for defrauding Amazon in overshipping scheme

According to the indictment (.PDF), the resident of both Houston, Texas, and Pitkin County, Colorado allegedly used a “web” of offshore organizations in Bermuda and Nevis to hide the profits he made from investments in private equity funds. 

Brockman squirreled away his capital gains and also tampered with the evidence of his alleged activities, prosecutors say, by methods including backdating records and using “encrypted communications and code words” to communicate with co-conspirators, including the phrases “Permit,” “King,” and “Redfish.”


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