Wyly Ruling Shows Good Advice Can't Shield Bad Intentions

Law360, New York (May 11, 2016, 10:43 PM EDT) -- A Texas bankruptcy court's ruling Tuesday that found billionaire Sam Wyly and his late brother intentionally skirted taxes through a network of complex offshore accounts serves as a cautionary tale for those seeking to use professional advice as a shield for tax evasion penalties.

In a more than 400-page ruling, U.S. Bankruptcy Chief Judge Barbara J. Houser rejected the Wyly brothers’ defense that they could hide behind the advice of tax lawyers and other professionals to funnel their funds into a web of offshore trusts out of reach of the Internal Revenue Service, saying that Sam Wyly “is a sophisticated and...

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