An investigation into two Texas billionaires and the offshore trusts they set up here in the Isle of Man has grown to include a federal grand jury and a U.S. Senate subcommittee.
Sam and Charles Wyly, who own about eight per cent of Michaels Stores, the world’s largest arts and crafts retailer, set up offshore trusts in the mid-1990s that held stock and options in the names of family members.
Sam Wyly, 70 (pictured) was on Forbes magazine's 2006 list of the world's richest people.
The company appointed a committee to investigate the trusts, and called in the Securities and Exchange Commission and the New York County district attorney.
And in a statement this week, it revealed federal authorities are now involved in the probe.
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