US professor hit with US$100m FBAR penalty for hiding US$200m in assets

In what could be the largest Foreign Bank Account Report penalty thus far levied for tax evasion, an emeritus professor of business administration from Rochester, New York has been hit with a US$100m FBAR penalty by the US Internal Revenue Service. The US$100m was part of a plea agreement with the professor, a 71-year-old named Dan Horsky, the US Justice Department said in a statement, which penalty, it noted, was separate from any restitution that the court may eventually also order. H...