Houston billionaire Robert Brockman charged in $2b tax evasion schemeChristian Fernsby ▼ | October 16, 2020
Houston billionaire Robert Brockman was charged in a $2 billion tax evasion scheme.
Houston Robert Brockman
Brockman, who serves as CEO of Ohio based Reynolds and Reynolds, is alleged to have used a network of secret accounts in Switzerland, Bermuda and Nevis to shield income earned on private equity investments into Austin-based Vista Equity Partners from the IRS.
According to the indictment, Brockman in 2000 committed $300 million to Vista Equity's first private equity fund. In 2004, Brockman's investment into Vista Equity increased to $1 billion. Ultimately, Brockman earned approximately $2 billion in capital gains through his investments in Vista funds, on which no U.S. federal income tax was paid, according to the indictment. ■