Man Guilty in $11-Million Tax Shelter Scam : Crime: Newport Beach businessman, dubbed ‘king of greed’ by prosecutors, is convicted of defrauding Columbia Savings by selling inflated or nonexistent tax refuge investments.

Michael E. Parker, a flamboyant former Newport Beach businessman dubbed by prosecutors the “king of greed,” was convicted in Los Angeles Wednesday of racketeering and other crimes for orchestrating an $11-million fraud on now-defunct Columbia Savings & Loan.

A federal court jury found Parker guilty on 36 of 39 counts accusing him of systematically selling inflated or nonexistent tax-shelter investments to Columbia, receiving kickbacks and then trying to cover up the scheme.

The jury acquitted Parker, 45, on three charges of interstate transportation of stolen property involving checks that came out of his own account. But it found him guilty on charges that included conspiracy, fraud, money laundering and tax evasion.

Parker, who stared blankly at the defense table as U.S. District Judge Robert M. Takasugi read the verdict, faces more than 200 years in prison and at least 15 years under mandatory sentencing guidelines. Sentencing was set for July 12.

“The scope of the fraud is huge, and it is one of the larger cases we’ve prosecuted,” said Asst. U.S. Atty. James R. Asperger.

Parker, accompanied by his lawyers and two sisters, said when asked for comment, “All I want to say is I’m very disappointed.” His chief lawyer, Thomas F. Holliday, said an appeal will be considered.

Though he registered no emotions as the verdict was read, Parker later wept quietly as Asperger called him “a one-man crime wave” and sought to revoke his $1-million bail. Takasugi left the bail in place but ordered Parker to be detained at home with his movement monitored by an electronic bracelet.

Through Parker North American Corp. in Costa Mesa, Parker arranged for banks, S&Ls; and other companies to lease equipment, mainly automated teller machines. He then sold both the leases and the equipment to investors, which typically were other banks and S&Ls;, in deals that provided the buyers with tax benefits.

A number of lease packages sold to Columbia were based on contracts and equipment that did not exist or had inflated values, the jury found.

Parker, who had a love of exotic cars, high-stakes gambling and lavish gifts, testified during the trial that his company sold the S&L; $31 million worth of lease packages. And he admitted that $11 million from those transactions never showed up on the records.