US authorities have indicted Robert T. Brockman, the CEO of a US-based software company, on 39 counts including tax evasion, wire fraud and money laundering. For decades, Brockman allegedly evaded income tax by hiding over $2 billion in income. Moreover, he was involved in a fraudulent scheme to defraud investors in his company’s debt securities.
To conceal his income from the IRS, Brockman used several offshore entities based in Bermuda and Nevis. Between 1999 and 2019, he transferred his untaxed income to secret accounts in Bermuda and Switzerland. To make this possible, Brockman even incorrectly recorded date information and used an encrypted system to communicate with his co-conspirator.
Furthermore, between 2008-10, Brockman fraudulently procured over $67.8 million in his company’s debt securities. He even used another individual to tamper with and destroy documental and digital evidence of his crimes to protect himself in this investigation.
Due to his acts, Brockman has been charged with conspiracy, tax evasion, failure to file foreign bank account reports, wire fraud, concealment and tax evasion money laundering, and tampering and destruction of evidence.
Source name: US Department of Justice