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Home›Transport lending›Vista Equity’s Robert Smith Achieves Settlement with DOJ in Tax Investigation

Vista Equity’s Robert Smith Achieves Settlement with DOJ in Tax Investigation

By Linda Glidden
May 7, 2021
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Robert Smith, the multi-billion dollar CEO of Vista Equity Partners, reached a $ 140 million deal with the Justice Department, ending a year-long tax criminal investigation, according to people familiar with the matter.

As part of the settlement, Mr. Smith will enter into a non-prosecution agreement, people said. He will admit liability for additional taxes owed and the incorrect submission of foreign bank account information, but will not be prosecuted. He will agree to meet certain conditions set by the government, people said.

The settlement includes a $ 85 million fine, about $ 30 million after taxes, and about $ 25 million in interest, one of the people said. It is among the largest known agreements by a U.S. taxpayer to resolve issues related to undeclared offshore accounts.

The Comparison is the result of a four-year criminal investigation by officials from the Justice Department Tax and US Attorney’s Office for the Northern District of California. It raised the question of whether Mr Smith failed to pay US taxes on more than $ 200 million in assets owned by Caribbean companies created by the only investor in Vista’s first private equity fund. Those fortunes eventually went to a charitable trust established by Mr. Smith.

Much was at stake for Mr. Smith and Vista, who had previously advised investors that this was not the subject of the investigation.

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