Swiss Executive Pleads Guilty to Tax Fraud Conspiracy Involving $60 Million

NEW YORK, NY – Swiss executive Daniel Wälchli pled guilty today to conspiring to defraud the United States in connection with a scheme to help wealthy American clients conceal over $60 million in income and assets held in undeclared offshore bank accounts.

Wälchli was a member of the executive board of a Swiss holding company that owned Privatbank IHAG Zurich AG. The scheme, dubbed the “Singapore Solution,” involved transferring clients’ funds through nominee bank accounts in Hong Kong and other locations

. Wälchli faces a maximum sentence of five years in prison.

Leo Canega

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