Wyly Trial Starts in Bankruptcy Court
After selling off many of his assets, including his prized art collection and properties around the world, Sam Wyly’s bankruptcy proceedings with the IRS are headed for a final showdown in a courtroom.
The Texas Lawbook has the particulars of a trial that’s scheduled to begin today in a federal bankruptcy court, where the government will argue that the Highland Park ex-billionaire entrepreneur and philanthropist owes hundreds of millions in back taxes.
Wyly, 81, filed for bankruptcy in 2014 along with his sister-in-law, Dee, whose late husband also is accused of committing securities fraud by hiding assets in offshore trusts.
