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October 23, 2020

Texas billionaire admits to tax fraud using Trust formed in Belize

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Posted: Friday, October 23, 2020. 9:36 am CST.

By BBN Staff: A Texas billionaire who promised in 2019 to pay off student debt of the graduating class of Morehouse College admitted to tax evasion through an illegal scheme, Yahoo News reports.

The illegal scheme reportedly used offshore banks for 15 years. Robert Smith failed to report over $200 million of income.

Smith allegedly formed the Excelsior Trust in Belize and Flash Holdings in Nevis in 2000. Smith then used third parties to hide his ownership that he created to avoid paying US taxes.

US authorities said that Smith is cooperating and has agreed to repay the taxes.

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