Wyly Defends Offshore Trusts In $2.2B Tax Fraud Trial

By Jess Krochtengel (January 7, 2016, 10:31 PM EST) -- Business tycoon Sam Wyly, who is contesting a $2.2 billion tax fraud claim by the Internal Revenue Service, on Thursday testified in Texas bankruptcy court that he set up a system of offshore trusts after he had lost faith in U.S. banks.

Wyly, who along with his late brother is accused of orchestrating one of the largest, most egregious tax frauds in the country's history, testified that part of the reason he wanted to create the system of Isle of Man trusts at issue in the case is that he had been on the board of Texas' largest bank during the...

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