Four Convicted, One Acquitted in Alleged $7 Billion Tax Shelter Scam

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A pair of tax attorney-certified public accountants, a former chief executive officer of the accounting firm BDO Seidman, and a former Deutsche Bank broker are convicted on criminal charges of running a tax shelter scheme that generated more than $7 billion in bogus tax losses, prosecutors announce. After a 10-week trial, a jury convicts defendants Paul Daugerdas, Donna Guerin, Denis Field, and David Parse for their roles in the scheme, which prosecutors say netted them $130 million in illicit profits. The defendants were among seven individuals charged with tax fraud conspiracy and other crimes arising from tax shelters promoted by the now defunct Chicago law firm Jenkens & Gilchrist.