Paul Daugerdas, a former lawyer at the defunct law firm Jenkens & Gilchrist, and three others were convicted of a 10-year tax shelter scheme that generated more than $1 billion in phony losses.

A federal jury in New York reached the verdict today following a 10-week trial of Daugerdas and his co-defendants, Denis Field, the former chief executive officer at accounting firm BDO Seidman LLP; Donna Guerin, a Jenkens & Gilchrist lawyer; and Robert Craig Brubaker and David Parse, two certified public accountants who formerly worked as client advisers at a Deutsche Bank AG unit called Alex.Brown.

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