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

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.