What a surprise!!!!!!!!!!!
SAN FRANCISCO (MarketWatch) --
HSBC Holdings Plc. is involved in a recent tax evasion case brought against a Virginia-based investor, and has joined the ranks of banks under scrutiny for helping wealthy Americans evade taxes, according to a report Tuesday.
The New York Times reported that investor Andrew Silva pleaded guilty in U.S. District Court for the Eastern District of Virginia to failing to disclose over $250,000 held at a bank using "a sham Liechtenstein trust." Though unnamed in court filings, the bank is
HSBC (NYSE:HBC) (SEHK:HK:5) , according to an unnamed source cited in the report.
The case could signify that authorities are now looking beyond Swiss financial giant UBS AG (NYSE:UBS) as they examine banks suspected of setting up controversial offshore services for U.S. clients.
Citing an unnamed person briefed on the matter, the New York Times reported that the U.S. Justice Department has expanded its investigation of banks to include
HSBC and Credit Suisse Group (NYSE:CS) .
According to the report, which cited court filings, Silva inherited $250,000 from his mother in 1997, and deposited it into a Swiss bank account held in the name of a the Liechtenstein trust.
In August 2009, when the account had grown to $268,000, Silva was advised that the bank was closing the account, and that he should mail his money home in staggered deliveries from four separate post offices, the report said.
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