Paul Daugerdas guilty of 'largest tax fraud in history'
NEW YORK (AP) - A Chicago lawyer has been convicted in New York for his role in what authorities have called the largest tax fraud in history.
U.S. Attorney Preet Bharara says Paul Daugerdas was found guilty Friday of conspiring to defraud the Internal Revenue Service, evade taxes, commit mail and wire fraud and other crimes.
Prosecutors say Daugerdas made $95 million in fees from creating and marketing tax shelters for wealthy clients. They say he owed more than $32 million in taxes but paid less than $8,000.
The tax shelters were marketed from 1994 through 2004.
Daugerdas faces up to 58 years in prison when sentenced next March. A lawyer for the 63-year-old Wilmette, Ill., man hasn't returned messages seeking comment.
A co-defendant was acquitted of all charges.