February 10, 2017

A now retired business school professor, who amassed a $220 million fortune in secret foreign accounts, was sentenced to seven months in prison for conspiring to defraud the United States and to submit a false expatriation statement to the Internal Revenue Service (IRS). He also has been assessed and paid a $100 million civil penalty for his concealment of these accounts. According to documents filed with the court and statements made during the sentencing hearing, Dan Horsky, 71, formerly of Rochester, New York, is a citizen of the United States, the United Kingdom and Israel who served for more than 30 years as a professor of business administration at a university located in New York. Beginning in approximately 1995, Horsky invested in numerous start-up companies, virtually all of which failed. One investment in a business referred to as Company A, however, succeeded spectacularly. In 2000, Horsky transferred his investments into a nominee account in the name of “Horsky Holdings” at an offshore bank in Zurich, Switzerland (the “Swiss Bank”) to conceal his financial transactions and accounts from the IRS and the U.S. Treasury Department. DOJ

Tagged in: Tax Fraud,