March 24, 2017
The Internal Revenue Service and a U.S.-appointed trustee objected on Thursday to hundreds of thousands of dollars in fees requested by lawyers and consultants for time spent on Caroline Dee Wyly's bankruptcy case, saying the work was done in bad faith and didn't add to the value of the estate.
July 20, 2016
The Internal Revenue Service stepped further into the Texas bankruptcy proceedings of real estate tycoon brothers found guilty of securities fraud, objecting Tuesday to more than $61 million in creditor claims that would allegedly funnel tax fraud proceeds out of the country.
January 14, 2015
The U.S. Internal Revenue Service told a Texas bankruptcy court Wednesday that the widow of a real estate tycoon found guilty of securities fraud likely owes "well in excess" of $280 million in total outstanding taxes, but that Caroline Dee Wyly cannot have the court determine the tax liability of her late husband's estate.
January 12, 2015
The U.S. Securities and Exchange Commission scored a win after a Texas federal bankruptcy judge ruled on Friday that the widow of tycoon Charles Wyly can't prevent the SEC from naming her as a relief defendant in a civil action seeking $261 million, saying that the SEC was acting within its regulatory power.
December 15, 2014
The Internal Revenue Service and Securities and Exchange Commission on Friday objected to a first-quarter budget for the family of business tycoon Charles Wyly in a Chapter 11 bankruptcy proceeding, arguing in part that the family was trying to lead a lavish lifestyle.
December 03, 2014
A Texas bankruptcy judge on Wednesday approved more than $550,000 in living expenses and legal costs for the widow of business tycoon Charles Wyly, as she and brother-in-law Sam Wyly pursue Chapter 11 bankruptcies as leverage to settle a looming tax bill and a $329 million claim from the U.S. Securities and Exchange Commission.
November 06, 2014
The Internal Revenue Service and the U.S. Securities and Exchange Commission on Thursday accused arts and crafts tycoon Sam Wyly of padding his "whopping" Texas bankruptcy budget with ill-justified expenses and of ignoring millions in anticipated income, as Wyly stares down a $198 million judgment from his SEC fraud trial this spring.
November 04, 2014
Texas tycoon Charles Wyly's bankrupt widow told a court she doesn't have enough to cover an eight-figure jury verdict in favor of the U.S. Securities and Exchange Commission over her husband and brother-in-law's offshore financial activities, spelling more trouble for the regulator's efforts to collect, even with the aid of an all-encompassing asset freeze granted on Monday.