A retired professor will spend seven months in prison for planning to defraud the United States and falsify a statement of expatriation to the Internal Revenue Service (IRS).
Dan Horsky, the former University of Rochester business professor, has already paid $100 million in civil fines for hiding these accounts.
“For 15 years, Dan Horsky stashed assets and hid income offshore in secret bank accounts,” said Stuart M. Goldberg, Acting Deputy Assistant Attorney General.
“That scheme came to an abrupt end when IRS special agents came knocking on his door.
The days of hiding behind shell corporations and foreign bank secrecy laws are over.”
“Hiding assets and creating secret accounts in an attempt to evade income taxes is a losing game,” said Dana J. Boente, U.S. Attorney with the Eastern District of Virginia.
“Horsky went to great lengths to hide assets overseas in order to avoid paying his share of taxes to the IRS.
Today’s sentence shows that we will continue to prosecute bankers and U.S. citizens who engage in this criminal activity.”
Horsky’s activities included not reporting more than $40 million in earnings and collaborating with another person to conceal offshore accounts from the IRS.
The IRS caught the former professor at his home in 2015 for tax evasion.