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.