Hiding assets in secret foreign bank accounts:

  1. On July 20, 2012, the  U.S. Court of Appeals for the Fourth Circuit, issued its decision in USA v. J. Bryan Williams, Opinion 102230.U.  The decision concentrated on former senior Mobil Corp executive Bryan Williams, who earlier applied two Swiss bank accounts to hide $7 million from the IRS.  The July 20th decsion discusses the IRS’s right to collect civil penalties against U.S. taxpayers who fail to file a TDF 90-22.1, Report of Foreign Bank and Financial Accounts (“FBAR form”).
  2. Similar to Mr. Williams, Greendale, Wis. neurosurgeon Arvind Ahuja failed to file the required FBAR form.  An August 23rd press relase announced that Dr. Ahuja was convicted of tax fraud / maintaining secret HSBC India bank accounts in India and the Balliwick of Jersey.  According to a September 27, 2011 superseding indictment, two bankers at a now closed HSBC India office in New York City, conspired with Dr. Ahuja to facilitate the tax fraud.  An alleged interview memorandum regarding a former employee of another HSBC India office, was also part of Mr. Ahuja’s case.  The memorandum was written by an IRS Criminal Investigation Special Agent.  Its 22nd paragraph suggests that HSBC India customers in the U.S. were able to access their offshore account balances via “print screen[s]”, (i.e. screen shots), e-mailed by HSBC India employees:

(Click On The Image Above, To Read The Memo)


Copyright 2012 Fred Abrams