According to the US Department of Justice, the former head of Allied Finance Trust transferred more than $60 million from US taxpayers to undeclared accounts at Ihag Privatbank.
A Swiss banker has pleaded guilty to tax evasion in the US. Between 2008 and 2014, he allegedly helped wealthy American clients hide their assets from US authorities in accounts at Zurich IHAQ Privatbank.
The former chairman of Zurich-based Allied Finance Trust, a subsidiary of Liechtenstein-based Allied Finance Group, and his “co-conspirators” transferred more than $60 million from US taxpayers to undeclared Ihag bank accounts. The U.S. Department of Justice on Thursday.
The Swiss was arrested in Italy in August 2023 and extradited to the United States. According to the report, he now faces up to five years in prison and fines and restitution demands.
In the spring of 2023, a senior employee of Ihawk Holding pleaded guilty to US authorities for aiding and abetting tax evasion. In 2021, the US Department of Justice indicted a total of six bankers from the context of Ihag Privatbank and Allied Finance.
According to the indictment, the bankers operated a scheme called “Singapore settlement” in which US taxpayer funds were funneled through various bank accounts in Hong Kong and elsewhere to newly opened accounts in the name of a Singaporean asset management company at IHAQ. . American customers paid more to Ihag and other parties.
Private bank Ihag reached a settlement with the US Department of Justice in November 2015 in a tax dispute. For this he paid a fine of $7.45 million.