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Billionaire Robert Smith to Pay $140 Million Over Tax Probe (2)

Oct. 14, 2020, 11:58 PM

Billionaire Robert Smith will pay about $140 million and acknowledge wrongdoing to end a four-year U.S. tax investigation involving assets held in offshore tax havens, people familiar with the matter said.

Smith, chief executive officer of the private equity firm Vista Equity Partners, informed some executives and investors of the pending agreement on Wednesday, the people said. Smith, 57, is cooperating with related tax investigations as part of a deal in which he will admit misconduct but won’t be prosecuted, they said.

The settlement, which doesn’t involve Vista, could be made public as early as Thursday, one person said. ...