A judge has ordered a prominent Texas businessman and his brother's estate to pay $299 million after a New York federal jury found they engaged in a massive fraud to evade taxes.
U.S. District Judge Shira Scheindlin issued a final order Thursday in the Securities and Exchange Commission's suit against Sam Wyly and the late Charles Wyly. It follows earlier orders and legal back-and-forth over calculating interest and other matters.
A lawyer for the Wylys hasn't immediately responded to messages Friday. SEC official Andrew Ceresney says the agency is pleased with the judgment and will work to enforce it.
Last year, jurors found the brothers acted fraudulently by trying to hide assets they controlled in four public companies that were sold for billions of dollars.
