Category: Wyly Sam

Ex-Billionaire Wyly Bankruptcy Pits Church Against State

Former billionaire Samuel Wyly’s Dallas church is taking on the might of the U.S. government for a scrap of the businessman’s remaining fortune. Wyly, who filed for bankruptcy after losing a fraud lawsuit by the Securities and Exchange Commission, owes $20,000 to the Third Church of Christ, Scientist, under a… – Continue reading

Texas Billionaire Files for Bankruptcy

DALLAS (CN) – Former Texas billionaire Sam Wyly filed for bankruptcy protection after a federal jury ordered him to pay as much as $400 million for using offshore trusts to hide stock trades.      A noted philanthropist and contributor to Republican causes, Wyly, 77, of Dallas, made his fortune… – Continue reading

Disgorgement Remedy Based on Unpaid Taxes From Wylys’ Securities Trading Profits

Sept. 29 — Samuel Wyly and the estate of Charles Wyly must pay a total of $188 million plus prejudgment interest based on taxes they would have paid on profits from offshore trusts (SEC v. Wyly, S.D.N.Y., No. 1:10-cv-05760, 2014 BL 267268, 9/25/14). Judge Shira A. Scheindlin issued an order… – Continue reading