US judge orders Wylys to give up as much as $400M

NEW YORK (AP) — A federal judge in New York has ordered a Texas businessman and the estate of his brother to give up as much as $400 million after a jury found that they engaged in a massive fraud to evade taxes.

Judge Shira Scheindlin ordered Sam Wyly and the estate of his brother, Charles, to surrender more than $187 million in sanctions. She said the final amount including prejudgment interest could be between $300 million and $400 million.

The judge said in a ruling dated Wednesday that she knew the amount would be "staggering" and among the largest ever imposed against individuals.

A jury earlier this year found that the brothers evaded taxes from 1992 to 2002 on more than $500 million earned through offshore trusts set up to dodge taxes.

Attorneys in the case did not immediately return messages seeking comment.