Skip to content
Subscriber Only

Offshore Tax Crackdown Scorecard: UBS, Credit Suisse, HSBC

The U.S. extended its crackdown on offshore tax evasion last week, charging Michael F. Schiavo, a managing director at SCG Consulting Group in Boston, with failing to report his offshore account at HSBC Holdings Plc to U.S. authorities.

Schiavo didn’t file a Report of Foreign Bank and Financial Accounts form, or FBAR, for an account at HSBC Bank Bermuda, prosecutors said. Schiavo agreed to plead guilty in federal court in Boston. Schiavo’s firm serves the venture capital and private-equity industries. He also is a director at Boston Private Bank and Trust Co., a Boston-based commercial bank.