KEY POINTS
  • A former Swiss finance executive pled guilty to helping defraud the U.S. out of taxes owed by wealthy Americans by hiding clients' income in offshore accounts.
  • Rolf Schnellmann conspired to conceal more than $60 million using a network of accounts across different countries.
  • The scheme was known as the "Singapore Solution" because of where the money ended up.
The Internal Revenue Service headquarters building in Washington, D.C.
Chip Somodevilla | Getty Images News | Getty Images

WASHINGTON — A former Swiss finance executive pled guilty in New York federal court on Thursday to conspiring to defraud the U.S. in a tax evasion scheme known as the "Singapore Solution" that hid $60 million in income and assets held by wealthy Americans, prosecutors said.

Rolf Schnellmann, 61, former head of Zurich-based Allied Finance Trust AG, helped defraud the Internal Revenue Service by stashing money of U.S. taxpayer clients in undeclared accounts at a private Swiss bank, Privatbank IHAG Zurich AG, between 2008 and 2014, according to the Manhattan U.S. Attorney's Office.