According to the indictment, Lack, a citizen and resident of Switzerland, founded his own investment management firm in Zurich in 2002. He is accused of assisting US customers to open and maintain secret bank accounts at a Swiss cantonal bank headquartered in Basel with the assistance of a private banker at the bank. 

It is alleged that Lack travelled to the US to conduct banking for US customers with undeclared accounts and conducted currency transactions in the US in violation of federal banking and currency reporting laws. 

Lack, the charges say, encouraged his customers not to participate in the IRS voluntary disclosure programme. He allegedly offered to provide his customers with falsified bank documents to conceal the source of the funds in their undeclared bank accounts.