Texan Billionaire Brothers Made Half a Billion Profit From Hiding Money on Isle of Man and Caymen Isles
After the revelations that Hollywood actor Wesley Snipes had used the Isle of Man to evade tax, another scandal in the USA once again puts the Island back in the headlines.
This time its been alleged that a pair of Texan tycoon brothers, Charles and Sam Wyly, hid £350 million in Isle of Man accounts as part of a major insider trading scam.
The billionaire brothers created a string of fake trusts on different offshore financial centres in their effort to evade US tax.
The investigation has been ongoing for years with the link to the Isle of Man only recently made public.
By exploiting the offshore accounts here and also on the Cayman Islands its alleged the Wyly brothers have made over half a billion dollars in profit.
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