The Internal Revenue Service head office structure in Washington, D.C.
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WASHINGTON– A previous Swiss financing executive pled guilty in New York federal court on Thursday to conspiring to defraud the U.S. in a tax evasion plan referred to as the “Singapore Solution” that concealed $60 million in earnings and properties held by rich Americans, district attorneys stated.
Rolf Schnellmann, 61, previous head of Zurich- based Allied Finance Trust AG, assisted defraud the Internal Revenue Service by stowing away cash of U.S. taxpayer customers in undeclared accounts at a personal Swiss bank, Privatbank IHAG Zurich AG, in between 2008 and 2014, according to the Manhattan U.S. Attorney’s Office.
In the “Singapore Solution,” Schnellmann and coworkers conspired to move more than $60 million from the undeclared accounts throughout numerous nations and Hong Kong, and back to the personal bank in recently opened accounts under a Singapore- based property management company developed by a co-conspirator.
Schnellmann and the co-conspirators were paid big charges to help the tax evasion plan, district attorneys stated.
He was apprehended in August in Italy, and extradited to the U.S.
Schnellmann deals with an optimum possible sentence of 5 years in jail when he is sentenced on July 19.
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