Swiss asset manager Peter Amrein has been charged with tax fraud by US authorities for helping US taxpayer-clients in hiding millions of dollars in offshore accounts.
Additionally, Amrein has been accused for assisting the tax payers in evading US taxes on the income earned in those accounts.
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The US prosecutors alleged that between 1998 and 2012, Amrein helped the US clients commit tax fraud by opening bank accounts in Switzerland by working together with Edgar Paltzer, a Zurich-based lawyer who pleaded guilty in Manhattan federal court in August last year.
Amrein has not been arrested but is expected to face a maximum sentence of five years in prison and a fine up to $250,000 for conspiracy to commit tax fraud.
Preet Bharara Manhattan US attorney said: "As alleged, from his post in Switzerland, Peter Amrein aided and abetted U.S. taxpayers in their efforts to skirt the tax code and conceal their assets in offshore accounts."
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By GlobalData
