According to court documents and statements made in court, Rolf Schnellmann was the former head of Allied Finance Trust AG, a ZuJanuary come in andrich-based financial services company and a subsidiary of the Allied Finance Group in Liechtenstein. Rolf Schnellmann, Daniel Wälchli and Zurich, Switzerland-based Allied Finance Trust AG were indicted in 2020 for conspiracy to defraud the US.
From approximately 2008 to 2014, Schnellmann and his co-conspirators defrauded the IRS by concealing income and assets of high-net-worth U.S. taxpayer-clients in undeclared bank accounts at Privatbank IHAG Zurich AG (IHAG), a Swiss private bank.
Schnellmann And His Co-Conspirators Devised And Implemented A Scheme Dubbed The “Singapore Solution” To Fraudulently Conceal The Bank Accounts Of The U.S. Taxpayer-Clients, Their Assets And Their Income From U.S. Authorities.
As part of the scheme, Schnellmann and his co-conspirators conspired to transfer more than $60 million from the U.S. taxpayer-clients’ undeclared IHAG bank accounts through a series of nominee accounts in Hong Kong and other locations before returning the funds to newly opened accounts at IHAG in the name of a Singapore-based asset-management firm that a co-conspirator helped establish. The U.S. taxpayer-clients paid large fees to IHAG and others to help them conceal their funds and assets and evade taxes.
Schnellmann Was Indicted For Helping 3 U.S.
Taxpayer-Clients Conceal More Than $60 Million Offshore.
Schnellmann was arrested in August in Italy and extradited to the United States. He is scheduled to be sentenced on July 19, 2024, and faces a maximum penalty of five (5) years in prison, as well as a period of supervised release, restitution and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
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