Federal prosecutors charged Texas billionaire Robert Brockman with the "largest tax fraud ever," after an alleged $2 billion scheme, Thursday.

In a news conference held in San Francisco, the Department of Justice officials stated that Brockman kept the money for more than two decades. He was also accused of using secret accounts and filing false returns to launder and hide the money.

Moreover, the 79-year-old CEO of auto dealership software maker Reynolds & Reynolds, has also been accused of using encrypted communications to contact a co-conspirator and evade detection and backdating records, CBS News reported.

Robert Smith, who is known as a prominent investor and runs the venture capital firm Vista Equity Partners has also been tied to the case. In the past year, Smith has been highly praised after he vowed to pay off the college debts of seniors graduating from Morehouse University.

Despite his huge charity and goodwill gesture, Smith is now connected to what the Justice Department has tagged as the largest case of tax evasion done by an American ever.

Based on the prosecutors, Smith is currently cooperating regarding Brockman's investigation and will settle a tax probe that is worth around $139 million, The Seattle Times reported.

However, as of the moment, Brockman could not be reached for any comment regarding the issue.

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On the other hand, Reynolds & Reynolds spokesperson shared that the Department of Justice's allegations focus on activities that Robert Brockman got engaged in outside of his professional duties and responsibilities with Reynolds and Reynolds.

The spokesperson also clarified that the company is not involved in any alleged wrongdoing and confident regarding their business's strength and integrity.

Smith, though a spokesperson, refused to give out any comment about the issue.

According to a source who is familiar with the matter, Smith had created an offshore tax structure dedicated to an investor that is more than 20 years and had paid a portion of taxes on it.

The Vista executive totally agreed with Justice officials that he had not paid his owed taxes in full, but the government's running investigation did not include the time of Smith at Vista as shared by a source.

United States' attorney for the Northern District of California, David L Anderson, shared in a statement that complexity will not hide the crime in the radar of the law enforcement and sophistication is not a defense to federal criminal charges.

He also added that he would not have any hesitation in prosecuting the smartest guys inside the room. Smith and Brockman have a long business relationship.

Along with Goldman Sachs, in 2006, the company Vista Equity helped finance the $2.8 billion takeovers of Dayton, the Reynolds, and Reynolds that is based in the state of Ohio.

In the past, Vista held a stake in the company of Brockman for not less than eight years after selling it in the late months of 2014.

According to USA Today, aside from the tax fraud allegations, the Justice Department also secretly revealed the company's debt, which is close to $70 million.

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