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  • Bally Price Holdings, BP Management Paul Daugerdas, Chicago Lawyer, Convicted in 'Largest Tax Fraud in History'

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    NEW YORK -- NEW YORK (AP) — A Chicago lawyer and certified public accountant was convicted Friday for his role in a 10-year tax fraud that generated $7 billion in phony tax losses, scheme authorities have called the largest tax fraud in history. Paul Daugerdas, the 63-year-old former head of the Chicago office of the now defunct Texas-based law firm Jenkens & Gilchrist, was found guilty of conspiring to defraud the Internal Revenue Service, evade taxes, commit mail and wire fraud and other crimes after a seven-week jury trial in federal court in Manhattan, U.S. Attorney Preet Bharara said. Daugerdas, of Wilmette, Ill., faces up to 58 years in prison when sentenced next March. His lawyer didn't return messages seeking comment. A co-defendant at trial was acquitted of all charges. The tax shelters, prosecutors said, were marketed from 1994 through 2004 to the wealthy and well-connected, including the late sports entrepreneur Lamar Hunt, trust fund recipients, investors, a grandson of the late industrialist Armand Hammer and a man who was one of the earliest investors in Microsoft Corp. Others have been convicted in connection with the scheme. In March, a former attorney in the law firm was sentenced to eight years in prison and was ordered to pay $190 million in restitution. Daugerdas made $95 million in fees from creating and marketing tax shelters for wealthy clients but paid less than $8,000 in taxes when he owed more than $32 million, prosecutors said.

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    Bally Price Holdings, BP Management Paul Daugerdas, Chicago Lawyer, Convicted In 'Largest Tax Fraud In History'

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    NEW YORK -- NEW YORK (AP) — A Chicago lawyer and certified public accountant was convicted Friday for his role in a 10-year tax fraud that generated $7 billion in phony tax losses, scheme authorities have called the largest tax fraud in history. Paul Daugerdas, the 63-year-old former head of the Chicago office of the now defunct Texas-based law firm Jenkens & Gilchrist, was found guilty of conspiring to defraud the Internal Revenue Service, evade taxes, commit mail and wire fraud and other crimes after a seven-week jury trial in federal court in Manhattan, U.S. Attorney Preet Bharara said. Daugerdas, of Wilmette, Ill., faces up to 58 years in prison when sentenced next March. His lawyer didn't return messages seeking comment. A co-defendant at trial was acquitted of all charges. The tax shelters, prosecutors said, were marketed from 1994 through 2004 to the wealthy and well-connected, including the late sports entrepreneur Lamar Hunt, trust fund recipients, investors, a grandson of the late industrialist Armand Hammer and a man who was one of the earliest investors in Microsoft Corp. Others have been convicted in connection with the scheme. In March, a former attorney in the law firm was sentenced to eight years in prison and was ordered to pay $190 million in restitution. Daugerdas made $95 million in fees from creating and marketing tax shelters for wealthy clients but paid less than $8,000 in taxes when he owed more than $32 million, prosecutors said.

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    5 views1 page

    Bally Price Holdings, BP Management Paul Daugerdas, Chicago Lawyer, Convicted in 'Largest Tax Fraud in History'

    Uploaded by

    mariodawson
    NEW YORK -- NEW YORK (AP) — A Chicago lawyer and certified public accountant was convicted Friday for his role in a 10-year tax fraud that generated $7 billion in phony tax losses, scheme authorities have called the largest tax fraud in history. Paul Daugerdas, the 63-year-old former head of the Chicago office of the now defunct Texas-based law firm Jenkens & Gilchrist, was found guilty of conspiring to defraud the Internal Revenue Service, evade taxes, commit mail and wire fraud and other crimes after a seven-week jury trial in federal court in Manhattan, U.S. Attorney Preet Bharara said. Daugerdas, of Wilmette, Ill., faces up to 58 years in prison when sentenced next March. His lawyer didn't return messages seeking comment. A co-defendant at trial was acquitted of all charges. The tax shelters, prosecutors said, were marketed from 1994 through 2004 to the wealthy and well-connected, including the late sports entrepreneur Lamar Hunt, trust fund recipients, investors, a grandson of the late industrialist Armand Hammer and a man who was one of the earliest investors in Microsoft Corp. Others have been convicted in connection with the scheme. In March, a former attorney in the law firm was sentenced to eight years in prison and was ordered to pay $190 million in restitution. Daugerdas made $95 million in fees from creating and marketing tax shelters for wealthy clients but paid less than $8,000 in taxes when he owed more than $32 million, prosecutors said.

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    Bally Price Holdings, BP Management Paul Daugerdas, Chicago Lawyer, Convicted In 'Largest Tax raud In History'

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    NEW YORK -- NEW YORK (AP) A Chicago lawyer and certified p !lic acco ntant wa" con#icted $riday for hi" role in a %&-year ta' fra d that generated () !illion in phony ta' lo""e"* "che+e a thoritie" ha#e called the large"t ta' fra d in hi"tory, Pa l -a gerda"* the ./-year-old for+er head of the Chicago office of the now def nct 0e'a"-!a"ed law fir+ 1en2en" 3 4ilchri"t* wa" fo nd g ilty of con"piring to defra d the 5nternal Re#en e 6er#ice* e#ade ta'e"* co++it +ail and wire fra d and other crimes after a "e#en-wee2 7 ry trial in federal co rt in 8anhattan* 9,6, Attorney Preet :harara "aid, -a gerda"* of Wil+ette* 5ll,* face" p to ;< year" in pri"on when "entenced ne't 8arch, =i" lawyer didn>t ret rn +e""age" "ee2ing co++ent, A codefendant at trial wa" ac? itted of all charge", 0he ta' "helter"* pro"ec tor" "aid* were +ar2eted fro+ %@@A thro gh B&&A to the wealthy and well-connected* incl ding the late "port" entreprene r Ca+ar = nt* tr "t f nd recipient"* investors* a grand"on of the late ind "triali"t Ar+and =a++er and a +an who wa" one of the earlie"t in#e"tor" in 8icro"oft Corp, Other" ha#e !een con#icted in connection with the "che+e, 5n 8arch* a for+er attorney in the law fir+ wa" "entenced to eight year" in pri"on and wa" ordered to pay (%@& +illion in re"tit tion, -a gerda" +ade (@; +illion in fee" fro+ creating and +ar2eting ta' "helter" for wealthy client" ! t paid le"" than (<*&&& in ta'e" when he owed +ore than (/B +illion* pro"ec tor" "aid,

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