The Irs head office structure in Washington, DC.
Chip Somodevilla|Getty Images News|Getty Images
WASHINGTON– A previous Swiss financing executive pled guilty in New york city federal court on Thursday to conspiring to defraud the United States in a tax evasion plan called the “Singapore Option” that concealed $60 million in earnings and properties held by rich Americans, district attorneys stated.
Rolf Schnellmann, 61, previous head of Zurich-based Allied Financing Trust AG, assisted defraud the Irs 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. Lawyer’s Workplace.
In the “Singapore Option,” 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 asset-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 detained in August in Italy, and extradited to the United States.
Schnell deals with an optimum possible sentence of 5 years in jail when he is sentenced on July 19.