HSBC Client Avoids Jail After Cooperating With Tax Probe

Law360, New York (May 22, 2013, 2:05 PM EDT) -- A New Jersey man who pled guilty to conspiring with several HSBC bankers to hide money in India from the Internal Revenue Service avoided prison time Wednesday, instead receiving probation in exchange for assisting prosecutors in their investigation of the bank.

Vaibhav Dahake, of Somerset, N.J., received a sentence of one year of probation and a $5,000 fine in the federal district court in Trenton, N.J. He had been facing up to five years in prison after pleading guilty in April 2011 to one count of...
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