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DOJ Opens Criminal Investigation into Credit Suisse Undisclosed Foreign Accounts

Posted in Offshore Account Update, UBS / HSBC on July 18, 2011 | Share

Credit Suisse has long assured their clients that they will not suffer the same fate as its rival Swiss counterpart, UBS, but it seems those assurances are not so sure.  On July 14, 2011, Credit Suisse received a formal letter from the U.S. Department of Justice, stating that the U.S. agency has opened an investigation against the bank for improper offshore banking practices.

U.S. taxpayers who are also clients of Credit Suisse and that have entered into the 2011 Offshore Voluntary Disclosure Initiative have nothing to fear as they have voluntarily come forward first through an amnesty program.  For those who have not yet voluntarily disclosed their offshore accounts, it is almost certain that Credit Suisse will be facing more pressure to turn over U.S. clients’ names in the near future, and now U.S. account holders have a heightened risk of exposure to criminal investigations.

Undisclosed Credit Suisse account holders should come forward through the 2011 IRS Voluntary Disclosure Program before the bank turns over its clients’ names.  Criminal investigations initiated by the Department of Justice regarding undisclosed offshore accounts can result in significantly greater financial penalties and the possibility of incarceration.  Immediate action and experienced tax law representation is needed to voluntarily disclose your account in order to avoid criminal prosecution.

A voluntary disclosure can help prevent this outcome. Find out your options today!

The attorneys at Thorn Law Group have experience in assisting U.S. taxpayers into compliance through the 2011 IRS Voluntary Disclosure Program. If you have an undisclosed offshore account contact Thorn Law Group now before it's too late!


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"Kevin E. Thorn and the tax attorneys at Thorn Law Group are exceptional. When I came to them, I had just received a letter from the Department of Justice concerning an undisclosed bank account at a Swiss bank. I thought I was going to go to jail and lose everything I had worked for just because my family and my business are international. Mr. Thorn's knowledge of the tax laws and his skills in presenting my situation to the IRS and Department of Justice proved superior!"