. Sheth was reportedly not included in the call, nor does it appear that he was invited to participate, according to both reports.
Smith’s legal woes ultimately stem from his role in a massive tax cover-up: Robert T. Brockman, chairman and CEO of software firm The Reynolds and Reynolds Company, was accused of hiding over $2 billion in income from the IRS over the last 20 years. Brockman was charged in awhich included allegations of conspiracy, tax evasion, wire fraud, money laundering and destruction of evidence. Prosecutors called it the largest U.S. tax case ever brought against an individual.
Brockman pleaded not guilty on all counts and was released on a $1 million bond after a hearing last week. “We look forward to defending him against these charges,” said his attorney, Kathryn Keneally of Jones Day, at the time. Investments involving Vista Equity Partners were central to Brockman’s alleged scheme, with Smith admitting his participation in the purported tax evasion cover-up. Brockman allegedly used offshore entities in Bermuda and Nevis, as well as secret bank accounts in Bermuda and Switzerland, to hide from the IRS the income he had earned on his investments in one of Smith’s funds, according to the indictment.
Smith also allegedly hid some of his own money in offshore accounts and used his untaxed income to buy vacation homes and ski properties, authorities said. As part of the settlement with the Justice Department, he will pay the nearly $140 million fine but avoid prosecution by cooperating with federal prosecutors in the case against BrockmanSheth and Smith met in the 1990s while both were working as investment bankers in San Francisco.
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