Wills, Trusts & Estates Prof Blog

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

Thursday, January 7, 2016

Trial Continues For Texas Brothers Accused Of Massive Tax Evasion Ring

GavelSam and Charles Wyly were among the glittering elite of Dallas but that status might be threatened due to the ongoing bankruptcy trial over an alleged $3.5 billion back tax bill. The brothers, although Charles is dead and represented by his estate, are accused of moving vast amounts of money over the last 20 years between multiple foreign controlled business entities in an attempt to hide earning from the IRS. The brothers legal team contends that it was not the brothers at all but a team of lawyers and accountants who set up the illegal tax avoidance scheme and seek to relieve the Wyly's of responsibility by saying they had no knowledge of the fraud. But the US Attorney has fired by by stating this is one of the largest tax frauds in history and compared the brothers knowledge and involvement as amounting to a "wink, wink, nudge, nudge" attempt to avoid liability by creating plausible deniability. The trial is expected to last another month with the verdict likely to draw much media attention no matter which side emerges victorious.

See David Lee, Texas Tycoon Fights $3.2 Billion Tax Bill, Courthouse News, January 7, 2015.

 

https://lawprofessors.typepad.com/trusts_estates_prof/2016/01/trial-continues-for-texas-brothers-accused-of-massive-tax-evasion-ring.html

Current Affairs, Current Events | Permalink

Comments

Post a comment