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Former professor fined $100M for tax fraud

A former University of Rochester professor has paid a penalty of $100 million as part of a plea agreement with the federal government.

Dan Horsky is a professor emeritus at the  U of R’s Simon School of Business. He retired last December. The U.S. Justice Department says that the 71 year old Horsky last week pleaded guilty to conspiring with others to defraud the federal government.

Officials say that about 20 years ago, Horsky began investing in numerous start-up businesses through accounts at various offshore banks including one in Switzerland. They say he received millions after a stock sale, but paid taxes on just a fraction of his share of the proceeds.

Authorities say Horsky concealed funds offshore and evaded paying his fair share of taxes. When Horsky is sentenced in February he could get up to five years in prison besides the $100 million dollar penalty he already paid.

The U of R issued a statement saying it fully supports the federal government’s requirement for all citizens and businesses to pay taxes according to federal law. It also says the university had no knowledge of the situation involving Horsky.

Randy Gorbman is WXXI's Director of News and Public Affairs. Randy manages the day-to-day operations of WXXI News on radio, television, and online.