A British citizen has agreed to plead guilty over his role in helping Americans use offshore accounts to evade taxes through a scheme known as the “Singapore Solution”, US prosecutors said.
Roderic Sage has been ordered to be extradited from the UK and will appear late next week in Manhattan federal court, prosecutors told a judge in a letter on April 30. He could face as long as two years in prison under a deal he reached with the US Justice Department, according to the letter.
Sage was indicted in 2020 and accused of joining a Swiss financial firm and five other executives in a conspiracy that helped US clients evade taxes on more than US$60 million (S$76.4 million) hidden offshore, prosecutors said.
Two of those executives, Daniel Walchli and Rolf Schnellmann, have already pleaded guilty, as has a US taxpayer, Wayne Franklyn Chinn.
Sage was the founder and chief executive of a Hong Kong firm that created shell bank accounts, which received money from Privatbank IHAG, a Swiss private bank, federal prosecutors said.
