Texas ex-tycoon Wyly ordered to pay $1.1 billion for tax fraud

[Eugene]

Source: Reuters

World | Mon Jun 27, 2016 6:33pm EDT

Texas ex-tycoon Wyly ordered to pay $1.1 billion for tax fraud

BY JONATHAN STEMPEL

A federal bankruptcy judge in Texas on Monday ordered former billionaire Sam Wyly to pay $1.11 billion in back taxes, interest and penalties after finding he committed tax fraud by shielding much of his family's wealth in offshore trusts.

U.S. Bankruptcy Judge Barbara Houser in Dallas calculated the payout after ruling on May 10 that Wyly and his late brother Charles conducted a "deceptive and fraudulent" scheme to cheat the Internal Revenue Service.

The payout includes roughly $135.5 million of taxes, $402.1 million of interest, and $570.1 million of penalties.

A lawyer for Sam Wyly could not immediately be reached for comment.

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Read more: http://www.reuters.com/article/us-bankruptcy-payout-wyly-idUSKCN0ZD2Y9

[RussBLib]

1. good luck collecting

This could be huge. If we see some of these tax scofflaws get their proper comeuppance, it just might quell some of the "the whole thing is rigged" sentiment.

But I'll bet Wyly ties it up in courts for years.