Skip to content
Subscriber Only

Ex-Billionaire on Tax Shelters: I Trusted My Lawyers. Judge: Not Good Enough

  • Wyly lost a related SEC fraud lawsuit in Manhattan in 2014
  • Dallas bankruptcy judge says Wyly can’t ‘hide behind others’
Sam Wyly arrives at U.S. District Court in Manhattan in May 2014.

Sam Wyly arrives at U.S. District Court in Manhattan in May 2014.

Photographer: Kathy Willens/AP Photo
Updated on

Former billionaire Sam Wyly may have been hoping for a better outcome on his home turf as a Texas judge weighed tax-evasion claims related to the fraud trial he lost in New York two years ago. He didn’t get it.

U.S. Bankruptcy Judge Barbara Houser in Dallas roundly rejected the 81-year-old entrepreneur’s argument that he was simply following orders from his own employees when set up a web of offshore funds that hid his assets, allowing him to make hundreds of millions of dollars in illegal profits.