Owner of the Canada Student Loan Service Provider (Finastra) Nailed For Tax Crime in the U.S.

17 Feb 2021 blogs 2
Owner of Finastra registered in the Cayman Islands (through Vista Equity Partners) whose CEO is American billionaire Robert Smith, assumed control of the Canada Student Loan Service Provider inside the National Student Loan Service Center (NSLSC) in 2017.

From Finastra’s website:

Finastra is the Canadian industry leader in delivering student lending programs, servicing key clients such as the Government of Canada, provincial governments and a number of financial institutions.” 

Sources:

https://www.finastracanada.com/student-lending/

Vista EP purchased the prior service provider put up for sale, DH Limited Partnership, with little acknowledgment of the change by the Canadian Government of the negative impact this would have on Canadian students and taxpayers. With the lack of transparency surrounding the Student Loan contract, it begs the question; is the Canadian Government complicit?

The Canada Student Loans Program and its National Student Loan Service Center is no stranger to scandal. The Nelnet fiasco more than a decade ago was certainly an indication. Now, we have an American billionaire engaged in tax crime against the U.S. government and one of his companies (Finastra) camping out in the National Student Loan Service Center and carrying on business as the service provider to the Canada Student Loans Program unbeknownst to the Canadian public.

“Smith, whose code name was “Steelhead,” according to prosecutors, has admitted to hiding profits in offshore accounts and filing false tax returns for 10 years. He is cooperating with investigators and faces no charges. But his complicity in the alleged tax crimes has stunned the many who had seen a role model in the charismatic 57-year-old entrepreneur, often ranked as the wealthiest Black person in the United States.

These two sides of Smith — the impressive generosity on one and the admitted tax evasion on the other — may be hard to reconcile. But they are inextricable, according to documents reviewed by The Washington Post, including charity filings with tax authorities and Justice Department court filings.”

Robert Smith, of Vista Equity Partners and Finastra, Tax Crimes
https://www.washingtonpost.com/business/2020/11/09/smith-brockman-tax-evasion/

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