The Washington Post via Getty Images

The richest Black man in America is under investigation for income tax evasion. Billionaire philanthropist Robert F. Smith is under investigation for possible income tax evasion.

Gilbert Carrasquillo/FilmMagic

Smith made headlines in 2019 when he and his wife, Hope Dworaczyk Smith, generously paid off student loan debts for Morehouse College's entire 2019 graduating class.

The pledge was worth $40 million and is the largest single gift in the school's history. Apparently, Smith planned to use the massive pledge as a $40 million tax write off.

According to Vladtv.com, for four years, federal authorities have been investigating Vista Equity Partners firm for failure to pay taxes on about $200 million in assets transferred from Vista's first private equity fund to offshore banks.

High-income individuals typically transfer millions or billions to offshore banks in the Caribbean and Europe to avoid paying taxes in the United States.

Forbes.com reports Smith hopes to resolve the Justice Department's case with a civil settlement in order to prevent resigning from Vista's board or serving time in prison.

The billionaire has also asked for leniency in exchange for his cooperation with another investigation involving Robert Brockman, who worked with Smith on projects involving offshore entities, trusts, and foundations.

Smith is reportedly willing to cooperate with additional investigations as well. Vista Equity Partners, which manages $65 billion in assets, has not commented on the investigation.

Marcus Ingram/Getty Images

Billionaire Robert F. Smith made headlines in May when he made a generous pledge to pay off student loans for Morehouse College graduates.

Now Smith has extended his pledge to pay off the debts of their parents as well.

The pledge to pay off student loans for Morehouse grads and their parents will cost Smith $34 million.

The graduates learned of Smith's new pledge to pay off the educational debt of their parents in a letter sent out by the school.

"On behalf of the eight generations of my family who have been in this country, we're gonna put a little fuel in your bus," said Smith during his surprise announcement at Morehouse College in May.

Steve Zak Photography/FilmMagic

"Now I've got the alumni over there. This is a challenge to you, alumni. This is my class, 2019. And my family is making a grant to eliminate their student loans," said Smith, referring to his wife, Hope.

22-year-old finance major Aaron Mitchom figured he could pay off $200,000 in student loans in 25 years if he allotted half his salary to the debt.

After hearing Smith's announcement at the commencement in May, Mitchom cried.

"I don't have to live off of peanut butter and jelly sandwiches. I was shocked. My heart dropped. We all cried. In the moment it was like a burden had been taken off," he said in an interview after the commencement.

Tina Mitchom, Aaron's mom, said eight family members, including Mitchom’s 76-year-old grandmother, co-signed on the loans to help him graduate.

"It takes a village," she said. "It now means he can start paying it forward and start closing this gap a lot sooner, giving back to the college and thinking about a succession plan' for his younger siblings."

Shaun King and Oprah Winfrey

Members of the 'Black Lives Matter' movement were rocked by allegations that BLM leader Shuan King lied about his race.

King lied to TV Guru Oprah Winfrey, telling her his father was black. Oprah gave him a full scholarship to Morehouse College in Atlanta -- a scholarship that could have gone to a less fortunate black man.

“Oprah Winfrey paid my way through Morehouse,” King boasted in his Daily Kos diary in 2014. “The leadership scholarship that I received from her is why I have a college degree today.”

So far, Oprah has not commented on the growing scandal, but Morehouse College is distancing itself from him.

Read more »

President Obama at Morehouse College

President Barack Obama was in town on Sunday to deliver the commencement address at Morehouse, the historically black, all-male college in Atlanta.

Mr. Obama was his usual, arrogant, cocky self as he delivered the Commencement Address. Obama received a polite smattering of applause when he told the graduates that they can no longer use the color of their skin as an excuse for making bad decisions.

Without elaborating, Mr. Obama said men in the black community continue to make bad choices. Obama, who is biracial, said he, too wrote off his failings as just another example of the world trying to keep a black man down. "Excuses are tools of the incompetent used to bridge bridges to nowhere and monuments of nothingness," he said to another smattering of polite applause.

Read more »