Swiss Finance Executive Admits to $60 Million Tax Evasion Scheme

Former Swiss finance executive, Rolf Schnellmann, has pleaded guilty to conspiring to defraud the U.S. in a tax evasion scheme known as the "Singapore Solution." Schnellmann helped hide $60 million in income and assets held by wealthy Americans by stashing money in undeclared accounts at a private Swiss bank between 2008 and 2014. He and his colleagues transferred the funds across several countries and Hong Kong, and back to the private bank in newly opened accounts under a Singapore-based asset management firm. Schnellmann faces a maximum sentence of five years in prison.