AUSTIN, TEXAS: Robert Frederick Smith, a billionaire who cheated on his taxes, paid for his girlfriend to stay in a nice apartment with money from his business. According to court documents obtained by DailyMail, he also bought luxury properties around the world with money that hadn’t been taxed.
Smith admitted that he had done something wrong by hiding millions of dollars from the IRS in tax havens in other countries. In a controversial non-prosecution agreement, the court gave him until 2021 to pay $139 million in fines or stay out of jail.
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What did Smith buy with the money he made that wasn’t taxed?
On June 3, prosecutors filed a document that included an affidavit from a Treasury Special Agent that explained the tax scheme and how Smith spent his money. In an affidavit, a federal investigator says that the man spent his unclaimed money on a 300-acre ranch in Colorado, a club and condos in the French Alps, and a vacation home in Sonoma. Smith paid $12 million in tax-free money to buy the Boulder River Ranch in Black Hawk, Colorado, between 2009 and 2013. He then spent another $22 million to fix it up.
The 6,600-square-foot riverside home sits on 300 acres and has a pool, tennis court, and fishing lake, according to DailyMail. In the town of Megève in the French Alps, he also bought two ski condos and a restaurant called The White Pearl. Smith has gained nothing from the federal investigation. In the huge tax case, he has been questioned from every angle, and pieces of information are starting to come out that show how Smith spent some of his untaxed millions.
Robert F. Kennedy is the head of the board for human rights. On December 12, 2018, in New York City, Robert F. Smith went to the 2019 Robert F. Kennedy Human Rights Ripple Of Hope Awards.
What is Robert Frederick Smith?
As an investment banker, Smith quickly moved up the ranks. In 2000, he started the private equity firm Vista Equity Partners and became its CEO. Forbes says that Vista is one of the best-performing private equity firms, with $92 billion in assets and annualized returns of 22% since its start. The company put a lot of money into many well-known technology companies. In the end, it raised $46 billion and became the fourth largest enterprise software company in 2019 after Microsoft, Oracle, and SAP. His lawyers have always tried to keep his personal and business matters out of the courts. Smith was stuck in the biggest tax scam in US history in the year 2020. But he was not charged because he agreed to testify against his business partner, Robert Brockman, who was the former CEO of Reynolds & Reynolds.