Wills, Trusts & Estates Prof Blog

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

A Member of the Law Professor Blogs Network

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.

http://lawprofessors.typepad.com/trusts_estates_prof/2014/08/sec-reduces-requested-penalties-against-wyly-brothers.html

Trusts | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341bfae553ef01a73dfce12d970d

Listed below are links to weblogs that reference SEC Reduces Requested Penalties Against Wyly Brothers:

Comments

Post a comment