Billionaire tycoon accused of hiding funds in IoM

Fri, 30 Jul 2010

It's being alleged an American tycoon charged with fraud hid money in the Isle of Man.

Texas businessman Sam Wyly, and his brother Charles, are accused of receiving $550million in undisclosed gains whilst sitting on public boards.

It's then reported that they placed the funds in trusts and subsidiary companies on the Island and in the Cayman Islands.

In 2006, Wyly was ranked in Forbes as the 354th wealthiest American, with a net worth of around $1.1billion.

The US Securities and Exchange Commission brough the charges after a 6 year investigation into the brothers, claiming the fraud took place over a 13 year period.