This article was provided by Reuters.

The Internal Revenue Service in bankruptcy court took both to trial, contending Sam and Charles Wyly committed tax fraud by shielding much of their wealth in offshore trusts.

U.S. Bankruptcy Judge Barbara Houser in Dallas earlier this year found Sam Wyly liable and ordered him to pay $1.11 billion in back taxes, interest and penalties.

The case is U.S. Securities and Exchange Commission v. Wyly et al, U.S. District Court, Southern District of New York, No. 10-5760. 

This article was provided by Reuters.

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