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.
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."