Wilmette Lawyer Gets 15 Years, Nearly Half Billion Fine for Tax Fraud

Paul Daugerdas made $95 million in a tax fraud that helped the super wealthy not pay their taxes.

A Wilmette lawyer was sentenced this week to 15 years in jail and must pay nearly half a billion dollars in restitution and forfeit $164 million in cash and property for his role in a massive tax fraud, the Wall Street Journal Reports.

Paul M. Daugerdas, 63, was found guilty last year of being the architect of a system of illegal tax shelters that helped some of the country’s wealthiest people hide nearly $8 billion in gains, the article says. He made more than $95 million off the scheme.

Forbes reports that he used those same tax shelters to his own benefit, paying less than $8,000 when he should have paid more than $32 million.

You can read the full Wall Street Journal article here.

And you can read the full Forbes story here.               

el debarge June 26, 2014 at 05:21 PM
Half a billion $ fine and $164 in cash and property? Anyone proof reading?
Emily Stone June 26, 2014 at 08:30 PM
Oops, good point, el debarge. I've fixed it.


More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »