Skip to content
Subscriber Only

HSBC Client Charged With Failing to Report Offshore Account

A managing director at SCG Consulting Group in Boston was charged with failing to report his offshore account at HSBC Holdings Plc to U.S. authorities.

Michael F. Schiavo, 53, failed to file a Report of Foreign Bank and Financial Accounts form, or FBAR, disclosing an account at HSBC Bank Bermuda, according to a criminal charge filed today in federal court in Boston. Schiavo has agreed to plead guilty, according to a Justice Department statement.