Texas Multi-Millionaire Samuel Wyly May Forfeit $400 Million in Bankruptcy

4845445968_4574a77aca_qSam Wyly, the 80-year old managing director of the Texas-based company Ranger Governance is in hot water after being found liable for making illegal trades and hiding stock holdings in offshore accounts. Owing approximately $500 million in fines and back taxes, Wylie filed for Chapter 11 personal bankruptcy, naming the IRS and the SEC as his largest creditors. As part of the terms of his bankruptcy, he may be forced to forfeit as much as $400 million in assets.

The full story is covered by Erik Larson at Bloomberg and can be found here.

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