Infamous right-wing sugar daddy ordered to pay $1.1 billion for cheating taxes https://t.co/fD1OChPPZq pic.twitter.com/tPcGfvwJ3Y
— Raw Story (@RawStory) June 29, 2016
Texas businessman Sam Wyly, who has given millions of dollars over the years to conservative causes and politicians, will now have to fork over more than $1 billion to Uncle Sam.
The Wall Street Journal is reporting that a federal judge has ordered Wyly to pay $1.1 billion in tax penalties after he was found guilty of using offshore accounts to commit tax fraud.
The problem here is that the 81-year-old Wyly doesn’t have that sort of cash at his disposal anymore — as the Journal notes, the one-time billionaire’s net worth “has fallen to a fraction” of what he owes to the federal government.
Judge Barbara Houser explained this week that Wyly owes tax payments to the government dating all the way back to 1992.