Advertisment

Swiss Executive Admits Guilt in $60 Million Tax Evasion Scheme

Former Swiss finance executive, Rolf Schnellmann, pleads guilty in a $60 million tax evasion scheme, revealing a complex network that concealed wealthy Americans' income and assets.

author-image
Dil Bar Irshad
New Update
Swiss Executive Admits Guilt in $60 Million Tax Evasion Scheme

In a startling revelation, former Swiss finance executive, Rolf Schnellmann, has admitted his involvement in a major tax evasion scheme. The 61-year-old pleaded guilty in a New York federal court, shedding light on a complex network that hid a staggering $60 million in income and assets belonging to wealthy Americans.

Advertisment

The 'Singapore Solution'

The elaborate setup, now known as the 'Singapore Solution,' saw funds transferred from undisclosed accounts across numerous countries. These funds were subsequently funneled back into freshly minted accounts in Privatbank IHAG Zurich AG, a private Swiss bank. The entire operation was masked beneath the facade of a Singapore-based asset management firm, an invention of a co-conspirator.

A High-Stakes Game of Hide and Seek

Advertisment

Schnellmann, who held a key position as the head of Zurich-based Allied Finance Trust AG, joined hands with others to keep this money safely out of the U.S. Internal Revenue Service's (IRS) reach. This scheme was ongoing from 2008 to 2014, and Schnellmann and his co-conspirators reaped large fees for their services. The net tightened around Schnellmann when he was apprehended in Italy in August and handed over to the United States.

The Price of Deception

The former Swiss finance executive now stares at a potential five-year prison term, with his sentencing penned for July 19. His guilty plea serves as a stark reminder of the lengths to which individuals will go to evade taxes, and the relentless pursuit of justice by authorities globally.

Advertisment
Advertisment