A former University of Rochester professor has paid $100 million in fines and could serve five years in prison for failure to disclose income and control over his offshore bank accounts.

Daniel Horsky, the 71-year-old retired marketing professor from the Simon Business School at the University of Rochester plead guilty in early November in federal court. Horsey pleaded guilty to submitting a false expatriation statement and conspiracy to defraud the United States.

According to the Democrat and Chronicle, Horsky resigned from his honorary position as emeritus professor, after teaching at UR for 31 years.

Horsky, a holder of U.S., British, and Israeli citizenship, has been investing in startup companies since the 1990s. He earned $80 million in 2008 after selling an unidentified company, but he only reported $7 million to the IRS. In addition, he kept another $120 million in a Swiss bank account, which he concealed from the IRS.

“Mr. Horsky concealed funds offshore, failed to report substantial income, conspired to submit false expatriation document to cover up his fraudulent scheme, and evaded paying his fair share of tax,” said Principal Deputy Assistant Attorney General Caroline D. Ciraolo.

Rochester Business Journal reports that UR was unaware of Horsky’s financial schemes throughout the duration of his teaching career.

“The University of Rochester and Sam Business School had no knowledge of the situation involving professor emeritus Daniel Horsky, and fully support the judicial process in this case going forward,” said Charla Kucko, spokeswoman for the Simon School.

Kucko stated that the UR fully supports the U.S. law that requires all citizens and every one of the 26.5 million businesses in the country to pay taxes. The UR “educates its students on the importance of upholding ethical business practices and social responsibilities,” Kucko added.

Horsky will be sentenced in February and could serve up to a five-year prison sentence followed by a probational term and more financial penalties.