HSBC Undisclosed Account Holders Targeted by IRS

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

Specifically, he is charged with failing to  file a Report of Foreign Bank and Financial Accounts form, or FBAR, disclosing an account at HSBC Bank Bermuda, according to a criminal charge filed today in federal court in Boston. Schiavo has agreed to plead guilty, according to a Justice Department statement.

I am sure this is not the last HSBC client the government is going to charge!

A voluntary disclosure can help prevent this outcome.

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