Post by Logan on Feb 12, 2017 2:24:45 GMT -6
Feb. 11 (UPI) -- A former University of Rochester business professor will spend seven months in prison after being convicted of stashing more than $200 million in Credit Suisse bank accounts to avoid paying U.S. taxes.
Daniel Horsky, 71, was charged with using the Swiss bank to hide profits made from investing in two start-up companies over the course of 15 years, prosecutors said. Horsky avoided paying some $18 million in U.S. taxes as a result of the scheme, prosecutors said.
In addition to the seven-month prison term, Horsky previously agreed to pay more than $100 million in fines and penalties. In addition to the prison term, U.S. District Judge T.S. Ellis III ordered him to pay an additional $250,000 criminal fine as part of the sentence.
Investigators for the IRS and federal prosecutors have aggressively pursued tax avoidance cases, though federal judges have generally taken a light hand in sentencing because of the legal vagaries involved in international banking and investing. While the U.S. government considers such tax avoidance schemes a criminal act, such plans are legal in Switzerland and many other countries.
Read more: www.upi.com/Top_News/US/2017/02/11/Ex-Professor-gets-prison-for-Swiss-tax-cheat-scheme/1081486840674/
Daniel Horsky, 71, was charged with using the Swiss bank to hide profits made from investing in two start-up companies over the course of 15 years, prosecutors said. Horsky avoided paying some $18 million in U.S. taxes as a result of the scheme, prosecutors said.
In addition to the seven-month prison term, Horsky previously agreed to pay more than $100 million in fines and penalties. In addition to the prison term, U.S. District Judge T.S. Ellis III ordered him to pay an additional $250,000 criminal fine as part of the sentence.
Investigators for the IRS and federal prosecutors have aggressively pursued tax avoidance cases, though federal judges have generally taken a light hand in sentencing because of the legal vagaries involved in international banking and investing. While the U.S. government considers such tax avoidance schemes a criminal act, such plans are legal in Switzerland and many other countries.
Read more: www.upi.com/Top_News/US/2017/02/11/Ex-Professor-gets-prison-for-Swiss-tax-cheat-scheme/1081486840674/