US judge orders Wylys to give up more than $187M

Staff Writer
Columbus CEO

NEW YORK (AP) — A federal judge in New York has ordered a Texas businessman and the estate of his brother to surrender more than $187 million after a jury found that they engaged in a massive fraud to evade taxes.

Judge Shira Scheindlin on Thursday ordered Sam Wyly and the estate of his brother Charles to give up the money. She said the final amount including prejudgment interest could reach $400 million.

The judge said she knew the amount would be "staggering" and among the largest ever awarded against individuals, but it was necessary nonetheless.

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.