Billionaire Brothers Evade Taxes

The Securities and Exchange Commission filed a civil complaint against Sam and Charles Wyly on Thursday. The complaint alleges that the two billionaire brothers created an elaborate sham of offshore trusts, failing to pay taxes on $550 million in gains on stock sales.

See Edward Wyatt, Billionaire Brothers Long Suspected of Tax Evasion, N.Y. Times, July 30, 2010.