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Reynolds and Reynolds CEO Robert Brockman has been charged in a $2 billion tax evasion case, according to law enforcement officials, the largest charge in the United States.
© Provided by Washington Examiner
According to a grand jury indictment filed on Oct. 1 in the U.S. District Court for the Northern District of California, Brockman, 79, was charged with 39 different counts of fraud, money laundering, evidence tampering, and other related charges.
Brockman, who resides in Houston and Pitkin County, Colorado, pleaded not guilty to the charges during a Friday court appearance, according to CNN. He was released on $1 million bail.
Brockman became the CEO of the software company Reynolds and Reynolds after it absorbed Universal Computer Systems, the company he founded in 1970.
Over the last 20 years, Brockman “created a complex network of offshore companies and trusts, and appointed nominees to manage these entities for
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Texas tech mogul Robert T. Brockman has been charged in a $2 billion tax evasion case, the largest ever tax charge in the United States, law enforcement officials said.
© Dave Rossman/AP
Robert Brockman attends a celebration for the Rice University groundbreaking of James Turrell’s Rice University Skyspace project on Tuesday, May 17, 2011, in Houston, Texas. Federal prosecutors have charged Texas billionaire Robert Brockman in a $2 billion tax fraud scheme that they say is the largest such case against an American.
A federal grand jury returned an indictment alleging that Brockman, the CEO of software company Reynolds & Reynolds, engaged in tax evasion, wire fraud, money laundering and other crimes as part of a nearly 20-year scheme to conceal around $2 billion in income from the Internal Revenue Service and defraud investors in his software firm’s debt securities, federal authorities said in a release.
The 39-count indictment
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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.”