A software tech mogul has been charged with tax evasion over two billion dollars, the largest case ever in the United States.
Robert Brockman, CEO of Reynolds and Reynolds, a company that makes management software for car dealerships, is also accused of money laundering, wire fraud and other crimes over a span of twenty years. His schemes included offshore entities in Bermuda and Nevis, and secret bank accounts in Bermuda and Switzerland. Among items he purchased with unreported taxable income were several homes and a 29 million dollar luxury yacht.
To maintain secrecy, Brockman created an encrypted email system to communicate with employees and used code names such as ‘bonefish’ and ‘snapper’ and ‘the house’ for the IRS. He once asked a financial manager to attend a ‘money laundering conference’ under a false name, and had the manager destroy documents using shredders and hammers.
He faces a long prison sentence and fines of millions of dollars.