The US Attorney announced on 11/4/16 that Dan Horsky, Emeritus Professor of Business Administration at University of Rochester (age 71, citizen of US, UK and Israel) paid a $100m civil penalty for hiding Swiss Bank Accounts from the US government (a FBAR penalty). He pleaded guilty to a conspiracy charge and awaits criminal sentencing in Feb. 2017. He faces prison and additional monetary penalties.
Horsky amassed $200m by investing in start-up companies and held it in Zurich accounts. He did not disclose or pay tax to the IRS. He controlled the offshore accounts thru a nominee who had nominal control of the accounts but was under Horsky’s control. The nominee filed a false expatriation statement with the bank to claim he was outside the US tax net.
Dana Boente, US Atty in Eastern District of VA stated: “Horsky went to great lengths to hide assets in secret accounts overseas in order to avoid paying his share of taxes to the IRS. Today’s plea shows that we will continue to prosecute those who engage in this criminal activity.”
For complete article see Department of Justice press release, Emeritus Professor Pleads Guilty to Conspiring to Defraud the United States and to Submitting False Expatriation Statement