Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Monday, July 28, 2014

Wyly Brothers Facing Huge Penalties After Found Guilty of Fraud

Money PileAs I have previously discussed, a jury found brothers Samuel Wyly and Charles Wyly guilty of fraud in May. The offshore trusts brought in $550 million in profits for the brothers. Now the SEC is asking the judge to assess $1.4 billion in damages when the case continues in August. An executor of Charles Wyly’s estate took the place of Charles as a defendant in 2011 after Charles’ death.

See Nate Raymond and Joseph Ax Reuters, SEC Seeks $1.4 billion from Texas Wyly Brothers After Fraud Verdict, Sun Sentinel, July 26, 2014.


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