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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.

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