Wills, Trusts & Estates Prof Blog

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

Friday, August 8, 2014

SEC Reduces Requested Penalties Against Wyly Brothers

Gavel-MoneyAs I have previously discussed, the SEC is asking a judge to access hefty damages against the Wyly brothers for their fraudulent offshore trusts scheme. The SEC has lowered the amount of their request from $1.4 billion to $750 million, which includes unpaid taxes and interest on the Wylys’ $553 million profits from the scheme. The Wylys’ lawyer is requesting that the damages be $1.38 million and is arguing that the highest reasonable amount would be $30 million.

See Joseph Ax, Wylys’ Lawyer Calls U.S. SEC $750 mln Claim ‘Overblown’, Reuters, August 6, 2014.


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