Former Swiss finance government pleads responsible to tax evasion scheme that hid $60 million

Former Swiss finance government pleads responsible to tax evasion scheme that hid  million


The Interior Earnings Provider headquarters developing in Washington, D.C.

Chip Somodevilla | Getty Pictures Information | Getty Photos

WASHINGTON — A former Swiss finance government pled responsible in New York federal court on Thursday to conspiring to defraud the U.S. in a tax evasion scheme regarded as the “Singapore Solution” that hid $60 million in income and belongings held by wealthy Americans, prosecutors reported.

Rolf Schnellmann, 61, former head of Zurich-based Allied Finance Believe in AG, served defraud the Interior Profits Assistance by stashing cash of U.S. taxpayer purchasers in undeclared accounts at a private Swiss lender, Privatbank IHAG Zurich AG, between 2008 and 2014, according to the Manhattan U.S. Attorney’s Office environment.

In the “Singapore Solution,” Schnellmann and colleagues conspired to transfer a lot more than $60 million from the undeclared accounts across several countries and Hong Kong, and again to the non-public bank in newly opened accounts less than a Singapore-based mostly asset administration agency established by a co-conspirator.

Schnellmann and the co-conspirators were paid large expenses to support the tax evasion scheme, prosecutors stated.

He was arrested in August in Italy, and extradited to the U.S.

Schnellmann faces a optimum doable sentence of 5 yrs in prison when he is sentenced on July 19.

You should not skip these stories from CNBC Pro:



Resource

China urges halt to auto industry’s bruising price wars
World

China urges halt to auto industry’s bruising price wars

People work on the production line of auto parts at a carmaker in Qingdao in east China’s Shandong province Saturday, March 1, 2025. Yu Fangping | Feature China | Future Publishing | Getty Images China called on Saturday for its automotive industry to halt brutal price wars, as a threat to the sector’s health and […]

Read More
Pentagon chief says ready to ‘fight and win’ against China, urges Asian allies to boost defense spending
World

Pentagon chief says ready to ‘fight and win’ against China, urges Asian allies to boost defense spending

US Secretary of Defense Pete Hegseth (C) gestures beside Malaysia’s Defence Minister Mohamed Khaled Nordin (R) and other defence officials from the Association of Southeast Asian Nations (ASEAN) during a multilateral meeting ahead of the Shangri-La Dialogue Summit in Singapore on May 30, 2025. Mohd Rasfan | Afp | Getty Images SINGAPORE — Pentagon chief […]

Read More
China’s manufacturing activity contracts amid trade tensions
World

China’s manufacturing activity contracts amid trade tensions

A worker works in a workshop of a textile products manufacturing enterprise in Qingzhou Economic Development Zone in Qingzhou City, Shandong Province, China, on May 10, 2025. Costfoto | Nurphoto | Getty Images China’s manufacturing activity contracted for a second month in May, an official survey showed on Saturday, raising expectations for more stimulus to […]

Read More