A New Jersey client of HSBC Holdings Plc (HSBA) pleaded guilty to charges that he hid as much as $4.7 million through Swiss and Indian accounts not declared to the U.S. Internal Revenue Service.
Sanjay Sethi, 52, who owns SanVision Technology Inc., conspired with HSBC bankers in New York, London and Geneva to hide assets from the IRS, he admitted yesterday in federal court in Newark, New Jersey. Sethi will pay a $2.37 million penalty for failing to file reports required for foreign accounts.
Thursday, January 10, 2013
HSBC N.J. Client Admits Conspiracy in Offshore Tax Case
http://www.bloomberg.com/news/2013-01-07/hsbc-n-j-client-admits-conspiracy-in-offshore-tax-case.html
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