NEW YORK May 24 Former Jenkens & Gilchrist law firm partners Paul Daugerdas and Donna Guerin were found guilty on Tuesday along with former BDO Seidman chief executive Denis Field in a tax shelter scheme to fabricate losses for wealthy clients.
The Manhattan federal court jury returned its verdict on a 25-count indictment for five defendants two weeks into their deliberations. The trial started in early March before U.S. District Judge William Pauley.
Daugerdas was found guilty of 23 counts, including conspiracy, tax evasion and mail fraud. Guerin was convicted on 12 counts including conspiracy, tax evasion and mail fraud, and Field was convicted on 7 counts in the case that prosecutors said involved making up hundreds of millions of dollars in losses for clients to avoid paying taxes.
One other defendant, former Deutsche Bank Alex.Brown banker David Parse was acquitted on the main charges of conspiracy and tax evasion. The jury convicted him of one count of endeavoring to obstruct and impede the U.S. Internal Revenue Service and one count of mail fraud.
A fifth defendant, another former Deutsche Bank Alex.Brown banker, Craig Brubaker, was acquitted on all counts.
The case is USA v Paul Daugerdas et al, U.S. District Court for the Southern District of New York, No. 09-581. (Reporting by Grant McCool)