NJ Exec, HSBC Client Pleads Guilty In Offshore Tax Case

Law360, New York (January 7, 2013, 5:12 PM EST) -- A New Jersey businessman and former client of HSBC Holdings PLC pled guilty in federal court Monday to hiding about $4.5 million in secret Swiss and Indian bank accounts held by shell companies, according to the U.S. Attorney's Office.

Sanjay Sethi, who owns San Vision Technologies Inc., agreed to pay a $2.4 million penalty on charges that he conspired with HSBC bankers to conceal from the Internal Revenue Service assets in undeclared accounts. He faces up to five years in prison and a $250,000 fine when...
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