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

Global week ahead: Trump’s Nobel dreams meet economic reality
World

Global week ahead: Trump’s Nobel dreams meet economic reality

In this day and age, receiving a cold call at any time can be disarming, but Norway’s finance minister reportedly took a most surprising ring on the streets of Oslo earlier this month. According to Norwegian newspaper Dagens Naeringsliv, the cold caller was U.S. President Donald Trump, and the request for Norway’s Finance Minister Jens […]

Read More
BOJ’s Ueda expects tightening job market to push up wages
World

BOJ’s Ueda expects tightening job market to push up wages

Bank of Japan Governor Kazuo Ueda attends the Federal Reserve Bank of Kansas City’s 2025 Jackson Hole Economic Symposium in Jackson Hole, Wyoming on Aug. 23, 2025. Jim Urquhart | Reuters Bank of Japan Governor Kazuo Ueda said wage hikes are spreading beyond large firms and likely to keep accelerating due to a tightening job […]

Read More
From NYC to Cape Town and Shanghai: The 10 best cities for Gen Z to live in, according to them
World

From NYC to Cape Town and Shanghai: The 10 best cities for Gen Z to live in, according to them

In August, Time Out released its annual ranking of the word’s best cities, which includes the top cities for food, culture, and nightlife. For the first year, Time Out included the 10 best cities for for Gen Z to live in, according to them. The survey of over 18,500 people from around the world and […]

Read More