A Texan billionaire and the estate of his dead brother have been hit with a $1.4 billion damages bill after using Manx trusts to hide share deals.
Sam Wyly and the estate of his late brother Charles hid trades in companies they controlled using the trusts, according to the US Securities and Exchange Commission.
On Friday, the SEC said they’d engaged in fraud over 13 years which earned them more than half a billion dollars.
The SEC added it was imposing the maximum penalty allowable under the securities laws.
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