Samuel Evans Wyly

  1. January 21, 2016

    Wyly Tax Fraud Trial Likely To Warrant Opinion, Judge Says

    The Texas bankruptcy judge overseeing the Internal Revenue Service's $2.2 billion tax fraud case centering on stock option transfers against business tycoon Sam Wyly and his sister-in-law said Thursday she's likely to write an opinion in the case, and plans to question both sides extensively during closing arguments.

  2. January 14, 2016

    In Tax Trial, IRS Says Wyly Fudged Returns To Duck Audit

    The IRS suggested Thursday that Sam Wyly deliberately tried to avoid scrutiny of his offshore trusts by misreporting tens of millions of dollars in annuity income, as Wyly aims to upset the agency's $2.2 billion tax fraud claim in a Texas bankruptcy court trial.

  3. January 12, 2016

    Wyly Says Offshore Trusts Not Secret In $2.2B Tax Trial

    Sam Wyly, the business tycoon challenging a $2.2 billion tax fraud claim by the Internal Revenue Service, on Tuesday testified in Texas bankruptcy court that a series of Isle of Man trusts in which he and his late brother held many of their assets were not secret.

  4. January 11, 2016

    In $2B Tax Fraud Trial, Wyly Admits He Weighed Expatriation

    In the first day of cross-examination in a Texas bankruptcy court trial over $2.2 billion in tax fraud claims brought by the Internal Revenue Service, business tycoon Sam Wyly acknowledged he had explored the idea of renouncing his U.S. citizenship to address tax liabilities.

  5. January 08, 2016

    In $2.2B Tax Trial, Wyly Wanted IRS To 'Put Up Or Shut Up'

    Business tycoon Sam Wyly testified Friday that he filed for bankruptcy partly because he was fed up with the IRS' assessment delays after years of audits, in a trial aimed at taking the sting out of a $2.2 billion tax fraud claim.

  6. January 07, 2016

    Wyly Defends Offshore Trusts In $2.2B Tax Fraud Trial

    Business tycoon Sam Wyly, who is contesting a $2.2 billion tax fraud claim by the Internal Revenue Service, on Thursday testified in Texas bankruptcy court that he set up a system of offshore trusts after he had lost faith in U.S. banks.

  7. January 06, 2016

    IRS Slams Wyly Offshore Scheme In $2.2B Tax Fraud Trial

    The Internal Revenue Service on Wednesday said the use of offshore trusts and shell companies by business tycoon Sam Wyly and his late brother was "one of the largest, most egregious tax frauds in the U.S," meriting a whopping $2.2 billion tax bill.

  8. January 05, 2016

    IRS Could Win Big In Wyly's $2.2B Tax Claim Trial

    Billionaire business tycoon Sam Wyly on Wednesday will face off against the Internal Revenue Service over a $2.2 billion tax claim in Dallas bankruptcy court, in a case tax experts say should hammer home how serious the IRS is about punishing those who use offshore trusts to shelter income.

  9. December 03, 2015

    Many Of IRS's Questions To Wyly Atty Barred, Judge Says

    A Texas bankruptcy judge ruled Wednesday that an attorney for Michaels Stores Inc. tycoon Sam Wyly needn't answer a majority of questions from the IRS, which claims that Wyly owes more than $2 billion in unpaid taxes, interest and penalties, but did permit questioning in areas that aren't barred under privilege.

  10. August 24, 2015

    Wyly Can't Relitigate SEC Suit's Findings In Bankruptcy

    A Texas bankruptcy judge on Monday granted the Internal Revenue Service's bid to bar Samuel Wyly from re-litigating in his bankruptcy a jury's and a district court's findings that he committed securities fraud by using offshore trusts to avoid paying hundreds of millions of dollars of taxes.