Regulator Seeks Tough Penalty for Wyly Brothers Tax Evasion Case

By Larry Neumeister, Associated Press

The Securities and Exchange Commission wants to make an example of two Texas brothers found by a jury at a civil trial to have acted fraudulently to evade taxes, but a defense lawyer said Wednesday that the more than $750 million sought by the government is “hotly contested.”

A Manhattan federal judge will be left to decide on a figure in the penalty phase of a trial against Sam Wyly and the estate of his brother Charles, who a jury found avoided taxes from 1992 to 2002. The government said they paid no taxes on more than $500 million earned through offshore trusts designed to dodge taxes.

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