Department Of Justice Reveals: Eight Offshore Banks Under Grand Jury Investigation

Posted in Press Releases on September 26, 2011 | Share

Kevin E. Thorn, Managing Partner of Thorn Law Group, warns U.S. taxpayers with undisclosed offshore accounts on how the recently announced Grand Jury investigations against eight offshore banks may affect them.

Washington, DC (PRWEB) September 26, 2011 - In a recent press release, the Department of Justice announced that eight more offshore banks are now under formal grand jury investigations. Grand Jury investigations are generally kept secret; therefore the DOJ has not provided the public with the names of the alleged banks. These investigations may hold substantial implications for taxpayers with undisclosed offshore bank accounts.

Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers throughout the U.S. and around the world with undisclosed offshore accounts states, “Even though the names of these eight banks have not been revealed, we can be sure that the Department Of Justice will have strong evidence against them, as well as many other U.S. taxpayers with undisclosed offshore accounts.”

Thorn notes that the offshore banking investigations heightened in 2009 when it was alleged that UBS was aiding their U.S. clients in committing tax evasion. UBS ultimately settled these allegations by paying a large fine of approximately $780 million, as well as providing U.S. client data on 4,450 account holders with undisclosed offshore accounts to the Internal Revenue Service (“IRS”); these facts are attributed to the IRS Commissioner Doug Shulman's Statement on UBS. Thorn believes that HSBC, Credit Suisse and other banks around the world will be faced with choices similar to those UBS had a few years ago.

Thorn further adds, “Even though the deadline for the IRS’s 2011 Offshore Voluntary Disclosure Initiative has expired, U.S. taxpayers with undisclosed offshore accounts still have the opportunity to come forward through the IRS’s traditional Voluntary Disclosure Program before the banks provide information to the U.S. government concerning taxpayers with undisclosed offshore accounts”.

For additional information on the news that is the subject of this release, contact Kevin E. Thorn, Managing Partner of Thorn Law Group at 202-270-7273 or visit us at

About Thorn Law Group, PLLC: 
Thorn Law Group, PLLC is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems.


Kevin E. Thorn, Managing Partner Thorn Law Group, PLLC 



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