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Category: UBS / HSBC - Page 3

HSBC Prepares to Turn Over U.S. Client Names to Comply with U.S. Government

Offshore Account Update, UBS / HSBC

Posted on July 20, 2011

There has been talk amongst government officials of a Global Resolution, expected to come to terms within the next few months, between several foreign banks, in order to put an end to tax evasion within the U.S.  However, there is a catch.  In exchange for investigations against the foreign banks to be discontinued, the respective bank will be required to turn over all U.S. client names, which will then be used by U.S. government agencies to open criminal investigations against said taxpayer. HSBC, world-wide banking giant that has been under high scrutiny by U.S. officials, seems to have caught wind of the potential Resolution and is making plans to come into compliance with the U.S. government.

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NY lawyer charged with hiding $26.4 million in undisclosed offshore account!

Offshore Account Update, UBS / HSBC

Posted on July 15, 2011

A New York lawyer admitted hiding more than $26.4 million in a Swiss bank to avoid paying taxes.  He also agreed to pay a fine of around $9.8 million.

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Another two refuse to file voluntary disclosure and are criminally charged!

UBS / HSBC

Posted on July 10, 2011

Sean Roberts and Nadia Roberts of Tehachapi, Calif., pleaded guilty before U.S. District Judge Anthony W. Ishii of the Eastern District of California to a criminal information charging them with filing a false tax return related to an undisclosed Swiss bank account.

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Michael F. Schiavao of Boston, was charged with failing to report his offshore account at HSBC Holdings Plc (HSBA) to U.S. authorities

Offshore Account Update, UBS / HSBC

Posted on June 30, 2011

He is charged with failing to  file a Report of Foreign Bank and Financial Accounts form and for not disclosing an account at HSBC Bank Bermuda, according to a criminal charge filed today in federal court in Boston.

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DOJ Opens Criminal Investigation into Credit Suisse Undisclosed Foreign Accounts

Offshore Account Update, UBS / HSBC

Posted on June 25, 2011

Credit Suisse has long assured their clients that they will not suffer the same fate as its rival Swiss counterpart, UBS, but it seems those assurances are not so sure.  On July 14, 2011, Credit Suisse received a formal letter from the U.S. Department of Justice, stating that the U.S. agency has opened an investigation against the bank for improper offshore banking practices.

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