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. Horsky pleaded guilty on Friday to hiding US$200m in assets by using offshore accounts, using “false ...
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