The Internal Revenue Service headquarters constructing in Washington, DC.
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WASHINGTON — A former Swiss finance executive pled guilty in New York federal court docket on Thursday to conspiring to defraud the United States in a tax evasion scheme generally known as the “Singapore Solution” that hid $60 million in earnings and property held by rich Americans, prosecutors stated.
Rolf Schnellmann, 61, former head of Zurich-based Allied Finance Trust AG, helped defraud the Internal Revenue Service by stashing cash of U.S. taxpayer shoppers in undeclared accounts at a non-public Swiss financial institution, Privatbank IHAG Zurich AG, between 2008 and 2014, in accordance to the Manhattan U.S. Attorney’s Office.
In the “Singapore Solution,” Schnellmann and colleagues conspired to switch greater than $60 million from the undeclared accounts throughout a number of international locations and Hong Kong, and again to the personal financial institution in newly opened accounts beneath a Singapore-based asset-management agency established by a co-conspirator.
Schnellmann and the co-conspirators had been paid giant charges to help the tax evasion scheme, prosecutors stated.
He was arrested in August in Italy, and extradited to the United States.
Schnell faces a most attainable sentence of 5 years in jail when he’s sentenced on July 19.