Offshore businessman Marc M. Harris, 38, was on Monday found guilty of 16 counts of money laundering and tax evasion, according to the KYC newsletter.

The newsletter, formerly Offshore Alert, has been following Mr. Harris for years.

Once the rising star of offshore planners, now generally accepted as a scam artist who helps clients with tax evasion and scams them out of their assets at the same time. Offshore Alert has alleged that he has embezzled more than $20 million from clients over the years, and the feud between Mr. Harris and Offshore Alert?s editor David Marchant has even led to Mr. Harris setting up a spoof Offshore Alert Website.

The article, which was sent out to subscribers via e-mail, said that a jury at the United States District Court for the Southern District of Florida, in Fort Lauderdale, found him guilty of one count of conspiracy to defraud the US in schemes operated by Tony Vigna and his son, Joseph, and Moises Kriger and his son, Frank, who are all US nationals; two counts of tax evasion involving the Vignas? scheme only, one count of conspiracy to commit money laundering involving the Vignas? scheme only and 13 counts of money laundering involving the Vignas? scheme only.

The jury found Mr. Harris not guilty of 14 counts of the 30-count indictment, specifically eight counts of assisting the Krigers in the preparation and presentation of false tax returns, and six counts of tax evasion relating to the Vignas? scheme. The report said that immediately after the verdict, Mr. Harris was led away by US Marshals to be held in custody until his sentencing, which has been set for February 6, 2004. Before then, a pre-sentence investigation will be carried out.

The jury reached its verdict after about eight hours of deliberation. Mr. Harris, dressed smartly in a suit, shirt and tie and with his legs manacled, showed no visible signs of emotion as the verdict was read out. After the verdict was read out in court, he turned around and made eye contact with his father, Baum Harris, who was visibly upset at the convictions.

Mr. Harris did not testify during the trial and did not call any witnesses.

His defence was conducted through cross-examination of witnesses called by the prosecution, who included former Mr. Harris employee Minerva de Portillo and former Mr. Harris clients Joseph Vigna, Moises Kriger and Frank Kriger. While Mr. Vigna and the Krigers testified that Mr. Harris had assisted them in schemes to defraud the IRS, Mrs. de Portillo testified that Mr. Harris routinely gave her documents to sign in her capacity as nominee officer and/or director of countless shell firms secretly beneficially controlled by clients.

The IRS is now contemplating whether to bring a further indictment against Mr. Harris concerning allegations that he defrauded his clients of tens of millions of dollars, as several allege.