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News & Events

DOJ Claims it’s Next Victim

Offshore Account Update, UBS / HSBC

Posted in on August 1, 2011

On April 13, 2011, Josephine Bhasin, a U.S. taxpayer with an offshore account held with HSBC pled guilty to charges of willingly filing false tax returns, false amended tax returns, and false FBARs.  Ms. Bhasin of Huntington, NY, maintained approximately $8.3 mil. in her HSBC account during 2008. The HSBC account holder will receive a maximum sentence of 3 years in jail and a maximum fine of $250,000. These criminal penalties are in addition to civil penalties, which Ms. Bhasin has agreed to; the arrangement includes a civil penalty of 50% of the high year on the account during 2004 to 2009.

An Order was granted for the IRS in regards to a The John Doe Summons and  could help the government build cases against U.S. taxpayers who are believed to be evading taxes.

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!


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