US Targets HSBC Over Tax-Evasion Services

Law360, New York (January 27, 2011, 8:10 PM EST) -- Federal authorities reportedly are looking into whether to serve HSBC Holdings PLC with a legal summons to determine if the London-based bank sold tax-evasion services to wealthy U.S. clients.

The possible issuance of a summons was being reviewed as federal prosecutors on Wednesday lodged an indictment in the U.S. District Court for the District of New Jersey against a wealthy client of an unnamed international bank for allegedly conspiring to defraud the U.S. by concealing bank accounts in India and the British Virgin Islands between 2001...
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