Wyly and Estate of Late Brother Owe IRS $1.1 Billion, Judge Says

Former billionaire Sam Wyly and the estate of his late brother Charles owe the Internal Revenue Service a total of $1.1 billion for using a web of offshore funds to hide assets as the men got rich building companies including the arts-and-craft chain Michaels Stores Inc.

The finding on Monday by U.S. Bankruptcy Judge Barbara Houser in Dallas follows a trial in which the court roundly rejected the 81-year-old entrepreneur’s argument that he was simply following orders from his own employees when he set up the offshore funds.

    Before it's here, it's on the Bloomberg Terminal. LEARN MORE