Chicago lawyer convicted in NY for his role in 10-year tax fraud; co-defendant acquitted

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 (buh-RAH'-ruh) 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.