Feds after Black Billionaire Robert F Smith — HE SETTLES for $139m; AVOIDS INDICTMENT

[humminbird]

I saw the other thread. It was tied to another guy's wrongdoing and as a result he had to pay $100+ million as a civil settlement. Sickening. I hope when Biden wins they investigate every investor who is Trump adjacent for any insider trading done in the last year. For those of you saying it's win, the details are very vague. These were funds invested into his firm. And he has to pay $140 million for not paying $30 million in taxes? Do you know how much Trump has not paid? And he has yet to face justice?

Elizabeth Warren demands investigation into elite investors accessing Trump briefings - CNN

yep
All of the illegal deals and trades going on is

 

[get these nets]

Glad he got off. By paying off the debt of those Morehouse graduates, he might have helped alter the course of America's history.
Gave those young men the wings to be able to do what they WANT to do.
He also kicked off the recent trend of non HBCU alumni publicly donating millions to those schools.

Somebody here mentioned/posted a YTer who actually questioned the motive for his donation. She claimed that it was done for publicity to keep the feds off his back. Because the feds really take into consideration whether the public likes somebody before they decide how to proceed with an investigation.

Can't see how anybody can take these clown yters seriously.

 

[Arithmetic]

Its fukked up because he got dragged into it by someone else that the feds want but dragged this guy over the coals.

But its funny because no one ever writes an article on THAT guy: Robert Brockman until today

This is historical. Has a black billionaire ever been used to put away a white billionaire in this country's history? Smith got connections.

The way the Forbes article that @EndDomination posted was written mistakenly characterized it as if Smith was the original target. See how they wrote it below:

The same prosecutors who have pursued Smith turned their attention to Brockman, who has been the subject of a grand jury investigation in San Francisco into whether he committed tax and money-laundering crimes, according to the people familiar with the Brockman matter.

 

[Arithmetic]

But federal prosecutors undercut that image on Thursday, saying Smith concealed income and evaded taxes for 15 years by using foreign trusts, corporations and bank accounts to cheat the Internal Revenue Service.

Smith, 57, avoided prosecution only by cooperating in a case against Robert Brockman, a Houston businessman accused Thursday of using a web of Caribbean entities to hide $2 billion in income in what prosecutors called the largest U.S. tax case ever against an individual.

“Smith committed serious crimes, but he also agreed to cooperate,” said David Anderson, the U.S. attorney in San Francisco. “Smith’s agreement to cooperate has put him on a path away from indictment.”

Smith signed a non-prosecution agreement in which he admitted he repeatedly made false filings with the IRS, even after he attempted to enter an amnesty program in 2014. He agreed to pay more than $139 million in back taxes, interest and penalties after a four-year investigation first reported by Bloomberg News. He will cooperate for five years.

A statement of facts that Smith agreed to chips away at the carefully crafted public image that he had erected over the past five years as he has used a charitable foundation he runs and his family money to donate hundreds of millions of dollars to various philanthropic causes. Recipients included Cornell University, Carnegie Hall and the United Negro College Fund.

Smith admitted that he used $2.5 million in untaxed funds to buy and renovate a vacation home in Sonoma, California, paying for it in 2005 with private equity funds deposited into accounts in the British Virgin Islands and Banque Bonhotein Switzerland. In 2010, Smith moved to Switzerland for a time and bought two ski properties and a commercial property in the French Alps, all with untaxed money in the Swiss account. Smith, who owns several homes throughout the U.S., now lives in Austin, Texas.

He transferred more than $13 million from Banque Bonhote to a U.S account. Smith used the money “to build a home and make improvements to property that he owned in Colorado and to fund charitable activities on that property for inner city children and wounded veterans,” according to his statement of facts.

A spokesman for Banque Bonhote didn’t respond to messages seeking comment.

Smith understood that Brockman’s offer in 2000 to invest $1 billion to seed Smith’s first private equity fund would rely on money concealed from the IRS, headmitted. Smith viewed the offer as a unique business opportunity and willingly went along, he said. He also took Brockman’s advice that he work with a Houston lawyer to structure his own foreign entity, Belize-based Excelsior Trust, and paid the attorney about $800,000 to create a false paper trail involving related entities from 2000 to 2014.

More: Houston Tech Mogul Hit With ‘Largest-Ever Tax Charge,’ U.S. Says

In 2014, Smith directed Excelsior to contribute $182 million in shares in a Nevis-based entity, Flash Holdings LLC. The shares went to Fund II Foundation, a U.S.-based charity that he co-founded. Smith falsely claimed that he’d been required to make that charitable contribution as part of his original agreement with Brockman. Had it been true that the offshore assets had always been designated for charity, it could have supported the view that Smith didn’t owe taxes on them.

Fund II Foundation lists Smith as founding director and president. Its high-profile contributions have gone to fight breast cancer afflicting women, create science programs for Black students and preserve the homes of Martin Luther King Jr. and other prominent Black Americans.

Beyond paying $139 million, Smith agreed to abandon refund claims of $182 million based on charitable deductions filed in 2018 and 2019.

Smith took steps to come clean after Banque Bonhote urged him in November 2013 and January 2014 “to report his non-compliance” to the IRS, according to his admission. He applied in March 2014 for amnesty from prosecution through an IRS program used by more than 56,000 Americans who failed to report offshore assets. But the IRS rejected him.

He then filed a false report of foreign bank and financial accounts, known as an FBAR, failing to declare his financial interest in his BVI and Swiss accounts, headmitted. He also submitted a false tax return that failed to declare his interest in those accounts.

Smith’s false filings continued. He entered a “streamlined” disclosure program but filed false FBARs and tax returns spanning several years, according to his admission.

“Smith willfully failed to report on Streamlined Tax Returns over $200 million of partnership income” distributed to Flash from private equity funds from 2005 through 2014, according to the statement of facts.

Smith has been represented by lawyers of some renown in the white-collar and tax defense world. His non-prosecution agreement was signed by five lawyers, including three from Kirkland & Ellis, the firm where William Barr worked until he became President Donald Trump’s attorney general.

Two of the Kirkland & Ellis lawyers are Mark Filip, a former deputy attorney general under President George W. Bush, and W. Neil Eggleston, a former White House counsel for President Barack Obama.

Read this whole passage.
Not at all advocating or condoning this, but Smith did it like no black man you've ever known. He had the playbook. @♛ ★ ⋯ Éminence grise @til november

 

[☑︎#VoteDemocrat]

Not at all advocating or condoning this but Smith did it like no black man you've ever known. He had the playbook. @♛ ★ ⋯ Éminence grise @til november

if he keeps his nose clean they might have a problem on their hands

 

[Arithmetic]

Smith has been represented by lawyers of some renown in the white-collar and tax defense world. His non-prosecution agreement was signed by five lawyers, including three from Kirkland & Ellis, the firm where William Barr worked until he became President Donald Trump’s attorney general.

Two of the Kirkland & Ellis lawyers are Mark Filip, a former deputy attorney general under President George W. Bush, and W. Neil Eggleston, a former White House counsel for President Barack Obama.

 

[☑︎#VoteDemocrat]

This is historical. Has a black billionaire ever been used to ever put away a white billionaire in this country's history? Smith got connections.

The way the Forbes article that @EndDomination posted was written mistakenly characterized it as if Smith was the original target. See how they wrote it below:

I was saying this back when the story first came out...they weren't even tripping on Smith like that. They just wanted Brockman...and dude avoids prosecution?!

This is wild bruh...

shyt is differenttttttttt

 

[Arithmetic]

if he keeps his nose clean they might have a problem on their hands

Just like Steve Cohen of now defunct SAC, turned Point72 founder. They had him dead to rights. Got away with a 1 billion fine when it was the most egregious insider trading in history.

He came back remade that billion in two years. Now he's probably recouped 10x since then.

 

[☑︎#VoteDemocrat]

Just like Steve Cohen of now defunct SAC, turned Point72 founder. They had him dead to rights. Got away with a 1 billion fine when it was the most egregious insider trading in history.

He came back remade that billion in two years. Now he's probably recouped 10x since then.

thats what I'm saying... Smith aint missing a dime of that shyt

he probably offered to pay double just as a middle finger

Dude walked through fire and is CLEAN

 

[BigMoneyGrip]

fukk you money

 

[☑︎#VoteDemocrat]

fukk you money

Fam ain't even get indicted

 

[☑︎#VoteDemocrat]

Just like Steve Cohen of now defunct SAC, turned Point72 founder. They had him dead to rights. Got away with a 1 billion fine when it was the most egregious insider trading in history.

He came back remade that billion in two years. Now he's probably recouped 10x since then.

not only did they have him dead to rights, but he's the foundation of the BILLIONS show character

this is nuts bruh...

and this isn't even flat out fraud...its TAXES!

TAXES?!

WE TALKING ABOUT TAXES?!!

They can't say dude lied, cheated, or stole

 

[☑︎#VoteDemocrat]

Glad he got off. By paying off the debt of those Morehouse graduates, he might have helped alter the course of America's history.
Gave those young men the wings to be able to do what they WANT to do.
He also kicked off the recent trend of non HBCU alumni publicly donating millions to those schools.

Somebody here mentioned/posted a YTer who actually questioned the motive for his donation. She claimed that it was done for publicity to keep the feds off his back. Because the feds really take into consideration whether the public likes somebody before they decide how to proceed with an investigation.

Can't see how anybody can take these clown yters seriously.

they're saying it might be one of the biggest economic experiment in modern history

Billionaire Created a Perfect Experiment by Erasing $34 Million in Student Debt
Billionaire created a perfect experiment by erasing $34 million in student debt
The Morehouse debt cancellation and the growing black student debt crisis

GAME CHANGER


@Red Shield @Michael's Black Son @Sukairain @YouMadd? @Basil of Baker Street @SupremexKing @Cat piss martini @AndroidHero @Pirius Black @panopticon @johnedwarduado @neotheflyingone @Ishlibidish23 @SJUGRAD13 @BlueHeffner

 

[Loose]

He friends with the trumps and Republicans so this makes sense

 

[☑︎#VoteDemocrat]

He friends with the trumps and Republicans so this makes sense

he's really not

He played them and he won