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Wyly brothers ordered to give up $299 million in fraud suit

Created: 02/27/2015 6:21 PM KAALtv.com
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NEW YORK (AP) — A judge has ordered a prominent Texas businessman and his brother's estate to pay $299 million after a federal jury New in York found they engaged in a massive fraud to evade taxes.

U.S. District Judge Shira Scheindlin (SHIHND'-lihn) issued a final order Thursday in the Securities and Exchange Commission's suit against Sam Wyly and the late Charles Wyly. It follows earlier orders and legal back and forth over calculating interest and other matters.

A lawyer for the Wylys didn't immediately respond to messages Friday seeking comment. SEC official Andrew Ceresney says the agency is pleased with the judgment and will work to enforce it.

Last year, jurors found the brothers acted fraudulently by trying to hide assets they controlled in four public companies that were sold for billions of dollars.

(Copyright 2015 by The Associated Press. All Rights Reserved.)


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