Business Professor Convicted of Tax Fraud, Pays $100M Fine

ALEXANDRIA, Va. (AP) — A longtime business professor has pleaded guilty and agreed to pay a $100 million civil penalty in a tax fraud case.

Seventy-one-year-old Dan Horsky is listed as a professor emeritus at the University of Rochester, where he has taught since 1989.

On Friday, Horsky pleaded guilty to a financial fraud conspiracy in federal court in Alexandria. He faces up to five years in prison at sentencing in February.

Prosecutors say that since 1995, Horsky used Swiss bank accounts to invest in startup businesses. By 2008, the account contained nearly $200 million that Horsky failed to disclose.

Prosecutors say Horsky made $80 million from one investment but only disclosed and paid taxes on $7 million of that.

Horsky’s lawyer said in a statement that their client regrets what he did and accepts full responsibility.

The post Business professor convicted of tax fraud, pays $100M fine appeared first on WTOP.

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