Wylys Seek Global Settlement Agreement with Federal Gov’t
Dallas business entrepreneur and philanthropist Samuel Wyly and his family are in negotiations with federal officials to resolve claims that the Wylys hid from tax collectors more than $1 billion in income in offshore trusts in the Isle of Man and the Cayman Islands. The SEC announced late Friday that Wyly agreed to pay $198 million to end the agency’s financial fraud case against the 83-year-old. Now, lawyers for the Wylys are in negotiations to settle separate, even larger claims with the IRS.


