Ex-Swiss banker admits helping wealthy US taxpayers hide assets

A former executive at a Swiss financial services company pleaded guilty to charges that he helped wealthy US taxpayers hide millions of dollars in offshore bank accounts.

Rolf Schnellmann, one of six people charged in September 2021 with assisting an unidentified hedge fund manager and two other US taxpayers to shield some $US60 million ($88 million) in assets, admitted that he participated in a tax fraud conspiracy, federal prosecutors in Manhattan said. He faces as much as five years in prison at sentencing, which is scheduled for July.

Bloomberg