Remember when Robert Smith last year for the Morehouse College class of 2019 gave each student a grant that would pay off their student loans. Well, I'm sure Morehouse men have something to discuss with this news:
Robert Smith, the billionaire who made headlines last year after saying he would wipe off the student debt of the entire Morehouse College 2019 graduating class, is facing an investigation into potential tax crimes, according to a report from Bloomberg on Friday.
Bloomberg cited four unnamed sources, some of whom said the Justice Department and IRS agents had been investigating him for the past four years.
Federal authorities are said to be examining whether Smith - a billionaire tech investor and philanthropist who is the founder and CEO of Vista Equity Partners - owes taxes on $200 million in assets that were moved through offshore entities.
A key factor in the investigation, Bloomberg reported, is whether Smith was the beneficial owner of Caribbean entities that received proceeds from Vista's private-equity fund.
Some of those proceeds flowed through offshore entities into an American charitable foundation presided over by Smith, who is its founding director, the report said.
The next question is whether or not he let down the Morehouse College class of '19?
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