Robert Smith has admitted to his role in the tax evasion scheme as part of a non-prosecution agreement. Prosecutors said Smith admitted to using a nominee trustee and corporate manager to his involvement in four offshore firms. As part of the agreement, he will pay more than $139m in penalties and taxes. He will also abandon $182m protective refund claims, which were filed partly for charitable contributions. Smith is a founder of Vista Equity Partners in San Francisco, and is the richest African-American investor in the US, according to Forbes. Smith shot to fame last year after giving a speech at Morehouse College's graduation ceremony, promising to pay all student debt for 2019 graduates.