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HSBC: One of the Eight Under Grand Jury Investigation?

Offshore Account Update, UBS / HSBC

Posted on August 10, 2011 |

On Wednesday, September 28, 2011, U.S. authorities charged another India-American, Arvind Ahuja, for evading taxes through the HSBC India branch. These findings have heightened the pressure on HSBC, fueling the fire for the U.S. to build a strong case against the bank and it’s U.S. clients with undisclosed foreign accounts.

It is important to keep in mind that HSBC may likely be one of the eight banks under Grand Jury investigation; U.S. clients maintaining undisclosed offshore bank accounts through HSBC India are susceptible to investigation by the Department of Justice.  Indian-Americans with undisclosed offshore accounts are urged to come forward through the traditional Voluntary Disclosure Program with the help of a professional tax attorney in order to limit their civil and criminal penalties.

The attorneys at Thorn Law Group have experience in assisting U.S. taxpayers into compliance through the 2011 IRS Voluntary Disclosure Program. If you have an undisclosed offshore account contact Thorn Law Group now before it's too late!

For a consultation, contact Kevin E. Thorn, Managing Partner, at ket@thornlawgroup.com or (617) 692-2989


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