U.S. judge orders Sam Wyly and Charles Wyly's estate to surrender more than $187M in fraud case

[TexasTowelie]

NEW YORK — A federal judge in New York has ordered a Texas businessman and the estate of his brother to surrender more than $187 million after a jury found that they engaged in a massive fraud to evade taxes.

Judge Shira Scheindlin on Thursday ordered Sam Wyly and the estate of his brother Charles to give up the money. She said the final amount including prejudgment interest could reach $400 million.

The judge said she knew the amount would be “staggering” and among the largest ever awarded against individuals, but it was necessary nonetheless.

A jury earlier this year found that the brothers evaded taxes from 1992 to 2002 on more than $500 million earned through offshore trusts set up to dodge taxes.

http://www.dallasnews.com/business/headlines/20140925-u.s.-judge-orders-wylys-to-surrender-more-than-187m-in-fraud-case.ece

Related threads:
Rep. Jeb Hensarling's deep ties to billionaire Wyly brothers could bring trouble
http://www.democraticunderground.com/107818071

[malokvale77]

1. I hope it holds

As to the Jeb Hensarling's ties, I hope that SOB goes down too.

For the life of me, I have never understood how an East Texas asswipe is my Rep in Dallas.

Thank you again for all you do to keep us informed.

Luv ya TT

[El Supremo]

2. When I was a student I met Sam Wyly in 1968 when he was a golden boy...

with his futuristic University Computing Company. My, has his legacy changed!