{"id":1522,"date":"2014-09-28T14:33:54","date_gmt":"2014-09-28T14:33:54","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/09\/texas_wyly_brothers_ordered_to"},"modified":"2022-03-11T13:33:27","modified_gmt":"2022-03-11T19:33:27","slug":"texas-wyly-brothers-ordered-to","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/texas-wyly-brothers-ordered-to\/","title":{"rendered":"Texas\u2019 Wyly Brothers Ordered to pay More than $300M In Fraud Sanctions"},"content":{"rendered":"

\t\t\t\tA federal judge has ordered Texas <\/a>businessman Sam Wiley and the estate of his deceased brother Charles Wiley to pay $187.7 million in disgorgement plus prejudgment interest-bringing the total sanctions to over $300 million for their involvement in an offshore scam. The brothers were found liable on civil securities fraud charges <\/a>accusing them of using offshore trusts to conceal stock sales, resulting in $553 million in profits.<\/p>\n

The U.S. Securities and Exchange Commission had wanted the Wylys to pay $729 million in sanctions, including for all unpaid taxes on the profits made from the scheme plus interest. The government said that the Wylys used their improper gains to buy $100 million in real estate and spent tens of million dollars on luxury spending and charitable donations. <\/p>\n

Meantime, lawyers for the Wyly brothers argued that the trusts were established for estate planning and tax purposes but that the two men did not control them. Over 700 transactions were sold in four companies, none of which the two men disclosed in regulatory findings. The Wyly brothers were insiders in the companies involved.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

A federal judge has ordered Texas businessman Sam Wiley and the estate of his deceased brother Charles Wiley to pay $187.7 million in disgorgement plus prejudgment interest-bringing the total sanctions to over $300 million for their involvement in an offshore scam. The brothers were found liable on civil securities fraud charges accusing them of using […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3750],"tags":[],"class_list":["post-1522","post","type-post","status-publish","format-standard","hentry","category-texas-securities-fraud"],"yoast_head":"\nTexas\u2019 Wyly Brothers Ordered to pay More than $300M In Fraud Sanctions — Investor Lawyers Blog — September 28, 2014<\/title>\n<meta name=\"description\" content=\"A federal judge has ordered Texas businessman Sam Wiley and the estate of his deceased brother Charles Wiley to pay $187.7 million in disgorgement plus — September 28, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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