The court also found that Dee Wyly, the widow of Charles Wyly (who was Samuel Wyly’s brother and business partner), hadn’t committed tax fraud, even though she was a joint signer on Charles’ returns. However, she must pay taxes, penalties and interest for a gift to her children. In addition, the court addressed the Wylys’ failure to file certain forms reporting the offshore accounts and gift tax issues.
Lessons Learned From U.S. Tax Fraud Case
