May 11, 2016
A Texas bankruptcy court's ruling Tuesday that found billionaire Sam Wyly and his late brother intentionally skirted taxes through a network of complex offshore accounts serves as a cautionary tale for those seeking to use professional advice as a shield for tax evasion penalties.
May 11, 2016
Billionaire business tycoon Sam Wyly and his late brother are liable for tax fraud and owe hundreds of millions of dollars in back taxes, interest and penalties to the IRS, a Texas bankruptcy judge found Tuesday, in what the agency has called one of the largest offshore tax frauds in U.S. history.
April 21, 2016
The U.S. Department of Justice on Wednesday asked a Texas bankruptcy judge overseeing the Chapter 11 bankruptcies of business tycoon Sam Wyly and his sister-in-law to bar a Cayman Island entity controlled by the Wylys from being considered a creditor.
March 25, 2016
Haynes and Boone LLP on Thursday sought to justify its request for attorneys' fees and expenses incurred while representing the unsecured creditors of Samuel Evans Wyly's bankruptcy estate by telling a Texas bankruptcy court the work it did was necessary and likely saved the estate money.
February 24, 2016
The U.S. Securities and Exchange Commission objected Tuesday to an attorneys’ fee application from counsel representing the unsecured creditors of Samuel Evans Wyly’s bankruptcy estate, urging a Texas court to deny it because the fees are unwarranted and excessive.
February 16, 2016
Business tycoon Sam Wyly and his sister-in-law told a Texas bankruptcy judge Tuesday that it's too late for the IRS to collect tax deficiencies from 1992 to 1996 in its $2.2 billion dispute, saying the agency has failed to prove that it can seek the taxes from later annuity payments and waited too long to broach the issue.
February 12, 2016
The IRS on Friday told a Texas bankruptcy court judge that an argument by business tycoon Sam Wyly and his sister-in-law that it's too late for the agency to raise new legal theories in a $2.2 billion dispute over alleged tax evasion schemes is misleading.
February 11, 2016
The IRS told a Texas bankruptcy court on Wednesday that business tycoon Sam Wyly and his late brother's widow can't escape fraud allegations in a $2.2 billion dispute over alleged tax evasion schemes because the pair had direct knowledge of the conduct at issue.
February 08, 2016
Business tycoon Sam Wyly and his sister-in-law Dee Wyly told a Texas bankruptcy court Friday that they can't be held responsible for what their former attorney knew about alleged tax evasion schemes in a $2.2 billion row with the Internal Revenue Service.
January 27, 2016
In closing arguments Wednesday, business tycoon Sam Wyly and his sister-in-law Dee Wyly told a Texas bankruptcy judge that the Internal Revenue Service failed to prove in a three-week trial that they had committed tax fraud amounting to $2.2 billion.