1. One depositor in HSBC India, Vaibhav Dahake, who was indicted previously (see discussion of indictment here). Dahake pled guilty to one count of conspiracy on April 11, 2011 pursuant to a plea agreement he had entered November 18, 2010. (I speculate that the timing of the actual plea in court was related to the HSBC John Doe summons proceeding, or, perhaps, had something to do with the HSBC related enablers.) The plea agreement is here, and a Reuters article is here. The plea agreement is fairly standard, with the stipulated sentencing factors being: (i) a tax loss between $30,000 and $80,000 producing a BOL of 14, (ii) sophisticated means 2 level upward adjustment, (iii) acceptance of responsibility 3 level (2+1) downward adjustment and (iv) deriving an offense level of 13. One unusual provision is the following related to immigration:
Immigration Consequences. The defendant understands that, if he is not a citizen of the United States, his guilty plea to the charged offense may result in his being subject to immigration proceedings and removed from the United States by making him deportable, excludable, or inadmissible, or ending his naturalization. The defendant understands that the immigration consequences of this plea will be imposed in a separate proceeding before the immigration authorities. The defendant wants and agrees to plead guilty to the charged offense regardless of any immigration consequences of this plea, even if this plea will cause his removal from the United States. The defendant understands that he is bound by his guilty plea regardless of any immigration consequences of the plea. Accordingly, the defendant waives any and all challenges to his guilty plea and to his sentence based on any immigration consequences, and agrees not to seek to withdraw his guilty plea, or to file a direct appeal or any kind of collateral attack challenging his guilty plea, convictiõn, or sentence, based on any immigration consequences of his guilty plea.2. The second development is a plea agreement for Josephine Bhasin entered on April 13, 2011. The DOJ Tax press release is here. I don't have the plea agreement yet and will revise this blog when I get it. However, for now the key points of the press release are: (i) the plea is to one count of tax perjury for 2008; and (ii) "In 2008, Bhasin’s bank accounts at HSBC India were valued at approximately $8.3 million." However, the most surprising information (for which I offer no editorial comment) is the following from the press release:
At the plea hearing, Bhasin admitted that after being contacted by attorneys for the Justice Department’s Tax Division on July 15, 2010, she filed a false Report of Foreign Bank and Financial Accounts (FBAR) for 2009 and a false amended tax return for 2009 that reported ownership of a foreign bank account in India holding only $49,000. In addition, Bhasin also admitted that in September 2010 she filed similar false FBARs for 2007 and 2008.I also remind readers that I am periodically updating the spreadsheet, but there are always was to improve the spreadsheet, particularly with information filling in the holes in the spreadsheet. Please let me know of any information you may have that is not reflected in the spreadsheet. Thanks in advance.